Page 59 - DTI Prosperity Plan 2022

ENTERPRISE RISK MANAGEMENT

Enterprise Risk Management (ERM) is defined by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO) as “a process, effected by an entity’s board of directors,
management and other personnel, applied in a strategy in a strategy setting and across the
enterprise, designed to identify potential events that may affect the entity, and manage risk to be
written its risk appetite, to provide reasonable assurance regarding the achievement of entity
objectives.”

ERM is needed in most organizations, more particularly in government agencies, including DTI,
as citizens now demand greater accountability and transparency from government. It is there-
fore a must for DTI to achieve organizational goals and provide public service delivery as
efficiently, effectively more than what is expected, and to ensure that public funds are spent
judiciously and efficiently. The adoption of a risk-based thinking is also required in DTI’s contin -
ued adherence to ISO 9001:2015.

DTI’s risk management objectives are to:

Identify and manage existing and potential risks in a systematic, transparent
and credible manner in order to increase the likelihood of achieving organiza-
tional objectives

Build a risk aware culture that encourages all employees of the Department to
identify risks and associated opportunities and to respond to them effectively
and efficiently in a timely manner recognizing the balance between public
interest and employee welfare.

Earn a high positive rating from the public as a government agency– that is
efficient, honest, and effective– thereby improving stakeholder confidence and
trust

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