MIRA - A New Way of Looking at Risk:
The Implementation Plan

This article is another in a series regarding the Maricopa Integrated Risk Assessment project.

Risk management has evolved from insurance buying and claims to the new wider view of risk called enterprise risk management (ERM). ERM is an integrated comprehensive approach to address risks that may threaten the achievement of an organization's strategic objectives.

The ERM framework enables management, working without silos, to collaboratively identify, assess, and manage future risks and opportunities, individually and across the organization. The Maricopa Integrated Risk Assessment (MIRA) project embraces this wider view of risk. MIRA blends concepts from both traditional risk management and enterprise risk management into a comprehensive risk management program.

The Chancellor, who has championed MIRA since its inception, has established goals for the project. The following implementation plan has been put together to assist in accomplishing these goals:

1. Project Planning
   A risk conscious tone at the top must be present in order for this project to succeed. The Governing Board first approved this initiative in March 2000, and the Chancellor's Executive Council reaffirmed its support and commitment in July 2003 and August 2004. The District's Risk Manager is responsible for staffing and implementing the MIRA project. The MIRA project committee, comprised of representatives throughout MCCCD, has been charged with understanding the ERM process, advocating the MIRA project, and helping to facilitate and monitor the MIRA project.
   
   
2. Evaluate MCCCD's Environment and Strategy
   MIRA is collaborating with the Strategic Planning Advisory Council (SPAC) to incorporate ERM strategies into our strategic planning process. The Chancellor has requested that an administrative regulation be drafted that addresses each employee's responsibility with risk assessment and management. A customized risk glossary has been developed by a MIRA sub-committee and will be available for all employees soon. The MIRA committee will continue to review several key documents including the strategic plan, vision, mission, and value statements to assist in monitoring our risk environment, culture and appetite.
   
   
3. Develop a Comprehensive Risk Framework and Process for Evaluating and Prioritizing Risks
   A Risk Register has recently been drafted that lists 20 key risks that MCCCD currently faces. A MIRA sub-committee has developed several risk assessment tools that are currently being field-tested. It is expected that these tools will be available to all employees in March 2005.
   
   
4. Review Risk Financing and Mitigation Options
   After mapping the risks from the Risk Register, the project committee will recommend strategies for the top risks identified. The committee will also examine MCCCD processes, decide how risk management can be embedded into those processes, and determine how the silos within those processes can be removed.
   
   
5. Develop a Risk "Nervous System" for Communication, Reporting and Monitoring
   The need for MIRA must be continually communicated to all employees. This will be accomplished through presentations at meetings, new employee orientations, newsletter articles, discussions with employee councils, training programs, and a MIRA web site. Also, our progress in achieving the Chancellor's goals will be monitored and communicated on a regular basis.

The MIRA project team believes that with the above implementation plan, a clear track has been established to follow realistic expectations, assign clear un-ambiguous roles and responsibilities, and identify objective benchmarks to monitor progress. The plan will be updated and enhanced, adding depth and breadth to cover further assessment, design, and deployment.

If you have any questions regarding MIRA, please contact Ruth Unks, District Risk Manager and MIRA project chairperson.

Published in the Winter 2005 Edition of In Brief