Specifications include, but are not limited to:Overview Bank of North Dakota is requesting the services of a banking ERM consultant to assist and guide us in developing the initial foundation of an ERM program by 6/30/2016. The services of the consultant may be requested in subsequent years to provide direction in further developing and fine tuning the ERM program. BND’s goal for the full development of the ERM program is 12/31/2017. Focus will be on a comprehensive ERM program that is strategy driven with controls and monitoring over existing risks and early identification and monitoring of emerging risks. Direct alignment of the ERM program to the Bank’s mission is critical. While a portion of the ERM model will be related to governance and compliance, the most critical need is identifying business risk and impact analysis. Guide initial conversations for starting the process and developing the foundation Develop an ERM Committee Right number of members for proper representation Authorities as to action plans, tolerances, triggers, breaches, etc. Reporting lines Chairman being both Chief Audit Executive and Chief Risk Executive Inquire at all levels of each service area to get a good cross section and perspective Guide the discussions using outside-the-box critical thinking, brainstorming about risk, and discussions around questions such as “What keeps you up at night”? Solicit input on elements of present risk as well as potential future risks Engage in “What if” conversations at the Executive Committee and Advisory Board levels Initial focus is to develop process for identifying, measuring, controlling, and reporting on risks in the following areas. This list is not in any particular order. Information Security Risk Credit Risk Operational Risk Capital Management Liquidity Management Interest Rate Risk
