Manila Water was shortlisted in the 2016 Institute of Risk Management (IRM) Global Awards for the Delivering Value through Risk Management category. This is an external affirmation of its various risk management initiatives over the past years. The IRM Global Risk Awards recognizes individuals and teams that have demonstrated innovation and excellence in risk management.
As Manila Water sets its sights on further expanding its reach and footprint, it continues to engage its talents in finding more cost-effective and innovative ways to manage risk. With sustained active involvement and appreciation of risk management at all levels within the organization, the Company is geared up to manage uncertainties in the regulatory, business and physical environment, and is equipped to achieve and seize new business goals as well as continue its very crucial role in protecting the environment and enhancing sustainable development both locally and internationally.
MANAGEMENT OF TOP CORPORATE RISKS
The RMEC, composed of Manila Water’s Senior Leadership Team, Manila Water Operations Management Committee and the Chief Risk Officer, determines the most significant risks facing the Company. Management of Top Corporate Risks, which has been mapped up to the department level, was delegated to the appropriate Risk Owners.
Risk Owners formulate and commit to a risk management plan, monitored by the ERIM Department, which defines specific action points, accountability and timeline. The status of the Top Corporate Risks is regularly discussed at the RMEC and is reported to the Risk Committee.
|2015 TOP CORPORATE RISKS||MITIGATION STRATEGIES|
|RATE REBASING||Actual accomplishment is reviewed versus approved business plan to ensure compliance to commitments. Meanwhile, improvements in various processes and systems have been implemented.|
|INVESTMENT PLAN EXECUTION||A capex optimization project was undertaken to optimize processes, functions and resources to ensure projects are implemented within budget and timeline, and at an acceptable quality level. A project risk management program is in place wherein projects are categorized in different tiers with varying frequencies of review, and reporting of risks and levels for risk acceptance.|
|WATER SUPPLY||Activities are being done to further increase reliability and efficiency of the current water supply system such as the development of medium-term water sources, weekly monitoring and investigation of non-revenue water contributors, weekly monitoring of dam water levels, preventive and corrective maintenance of dam facilities and aqueducts, and implementation of metering at raw water portal and tailrace metering.|
|REGULATORY||Programs have been implemented to ensure control of regulatory and socio-political risks at both compliance and strategic levels. There were organizational changes to improve the regulatory compliance of the organization. The document management system has been enhanced to improve readiness in regulatory review and audit.|
|NEW BUSINESS OPERATIONS||Organizational enhancements were implemented to improve Manila Water’s control and visibility in the subsidiaries. Risk Officers have been appointed to strengthen risk governance in the subsidiaries. The enterprise risk management framework had been implemented by the new businesses. Respective top risks and action plans are being reported to Manila Water.|