1. Libraries are in challenging times
Challenges faced in Singapore
Threats or Opportunities: What do we do now?

2. Enterprise Risk Management
Framework to monitor, assess and mitigate the risks that NLB is exposed to
Facilitate effective risk-based decision-making to fulfill NLB’s Vision and Mission
Protect the interests of NLBians, customers and partners E R M
On-going and consistent process for identifying, evaluating, escalating, monitoring and reporting significant risks faced by NLB
Provide a unified picture of risks
Incorporate risk management considerations into strategic decision-making
Protect the interests of NLB’s customers, partners and employees

3. Enterprise Risk Management
How
does it
works ?
What is our risk management process?

4. What are our identified risks?

5. What are our identified risks?

6. NLB Risk Impact Criteria

7. NLB Likelihood & Control Criteria
Management Control Level Rating Criteria
NLB Likelihood & Control Criteria
Score
Rating
Description
Remarks 1
Very Low
Controls and/or Management Activities are non-existent or have major deficiencies and do not operate as intended
Critical Improvement Opportunity 2
Low
Limited Controls and/or Management Activities in place, high level of risk remains
Significant Improvement Opportunity 3
Moderate
Key Controls and/or Management Activities in place, with moderate opportunities for improvement identified
Moderate Improvement Opportunity 4
High
Controls and/or Management Activities properly designed and operating, with opportunities for improvement identified
Limited Improvement Opportunity 5
Very High
Controls and/or Management Activities properly designed and operating as intended
Effective
Likelihood Rating Criteria
Rating
Probability of occurrence
Chances of risk happening 5
Almost certain
> 75%
Extremely high chance of occurring
Is expected to occur in most circumstances 4
Likely
> 50% - 75%
Very likely to occur
Likely to occur in most circumstances 3
Possible
> 25% - 50%
Possible to occur
Could occur at some time 2
Unlikely
> 5% - 25%
Unlikely to occur
Not likely to occur in normal circumstances 1
Rare
< 5%
Very unlikely to occur
May occur only in exceptional circumstances

8. Likelihood of occurrence X Impact of the event
Risk Quantification
The two separate risk measures (Likelihood and Impact) are “quantified” to arrive at an overall rating to enable a balanced comparison between different risks identified.
NLB has utilised the following formula for risk quantification:
Overall risk rating =
Likelihood of occurrence X Impact of the event

9. Our Mitigating Measures

10. Risk Management: Roles & Responsibilities, and Benefits

11. Thank you Dr. Adeline Lee Deputy Director
Business Analytics, Knowledge & Risk Management