Abstract
Hydro One Inc. is widely regarded as having had one of the most successful implementations of enterprise risk management (ERM). The purpose of this article is to record the history of this successful implementation so that it will benefit other companies and organizations who are at the beginning or in the early part of their ERM journey. In this article, we delve deeper into the dynamics at work and the steps involved in the implementation of ERM. This article is an interview by Betty Simkins with John Fraser and Rob Quail so as to record the challenges, successes, and methods used at Hydro One. This article covers the period from 1999 to when John Fraser left the ERM function in 2014 but many of the processes they implemented have continued to the date of writing (2021). This article should also be of interest to academic researchers who seek to understand why some ERM implementations succeed while other flounder or fail to achieve their objectives.
Highlights
Hydro One Inc. is widely regarded as having had one of the most successful implementations of enterprise risk management (ERM) in Canada
In 2000, John Fraser was asked to take on the role of chief risk officer (CRO)
In 2005, Tom Aabo, John Fraser, and Betty Simkins researched and published an article on the Hydro One ERM methodology that is published in this journal
Summary
Hydro One Inc. is widely regarded as having had one of the most successful implementations of enterprise risk management (ERM) in Canada. Executives had wanted to implement ERM from the time the company was split off in 1999 from the predecessor company, Ontario Hydro. They had tried unsuccessfully to introduce it with the use of external consultants. This article records the period from 1999 to 2014, which is the period that the interviewees, John Fraser and Rob. Quail, were the Chief Risk Officer and Manager respectively of the ERM function, so it is historical but it is understood that many of the processes they implemented have continued to the date of writing (2021). ERM Group transferred to CFO and Leadership changed to Mr C, an experienced accountant, with Miss K as staff due to her analytical skills
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