This case study has described how enterprise risk management has developed over the past 10 years at BCLC, a Canadian crown corporation offering lottery, casino, and online gambling. BCLC's enterprise risk management program has been developed over time through a combination of internal experiential learning and the application of specialist advice. The program's success has been due to the dedication of a number of key individuals, the support of senior leadership, and the participation of BCLC employees.
The approach to ERM has evolved from informal conversations supported by an external assessment, through a period of high-level corporate focus supported by a dedicated group of champions using voting technology, to an embedded approach, where risk assessments are incorporated into both operational practice and planning for the future using a variety of approaches, depending on the context. The increasing maturity of the program has been mapped to a simple scale adapted from a model developed by Deloitte (Exhibit 10.16).
BCLC's current approach to managing risk is one that recognizes that, in order to innovate and develop, it needs to embrace change with all the associated uncertainty that brings. At the same time it needs to protect its reputation and preserve the integrity of its systems and processes. Risk awareness and appropriate response are thus essential in both day-to-day and longer-term strategic planning.
BCLC is moving into a more challenging future and working to transform into an increasingly dynamic and innovative organization, where effective risk management will increasingly become a core competency for success. As its leaders reflect on 10 years of enterprise risk management, there are still plenty of challenges ahead in order to continue to sustain and develop its program. In particular they are looking to automate monitoring and reporting.
Exhibit 10.16 BCLC's Journey toward Risk Management Maturity
ABOUT THE CONTRIBUTOR
Jacquetta Goy is the Director of Risk Management Services, Thompson Rivers University and former Senior Manager, Risk Advisory Services at British Columbia Lottery Corporation, responsible for establishing and developing the enterprisewide risk management program. Prior to that she spent 14 years in the English health service, where she was responsible for setting up and developing the risk, quality, and governance programs for an inner-city health care organization. This involved preparing for a variety of accreditation reviews and inspections, managing quality assurance, audit, complaints, clinical risk, investigations, and root cause analysis. Jacquetta has both participated in and organized a number of conferences on both risk and quality management. She studied international politics at Aberystwyth University, Wales, and has a master's in public health from St. George's University of London. Currently, she is a member of the Canadian Committee for Risk Management and Related Activities, Canadian Standards Association, and one of the Canadian delegates on the international technical committee for risk management (TC262). She can often be found on various LinkedIn risk groups advocating ISO 31000.