COMMITTEE OF CHIEF RISK OFFICERS INC

WORKING GROUP INITIATIVES 1) ENTERPRISE RISK MANAGEMENT PRACTICESDeveloped and produced eight webinar sessions hosted by a member company. Allowed member companies to share best practices for the practical implementation of ERM in an energy company.2) RETAIL ENERGY PROVIDER RISK MANAGEMENTLaunched an initiative to develop recommended risk management practices for providers of energy at the retail level. Objective for the group is to publish a comprehensive and definitive whitepaper for this segment of the industry as a guideline for companies and public utility commissions alike.3) RISK METRICS AND BEST PRACTICESLaunched an initiative to develop a list of most recommended Key Risk Indicators for any type of energy company. These indicators provide energy companies with critical information related to potential changes in risks they face on the horizon. 4) INDUSTRY-WIDE SURVEY OF RISK MANAGEMENT PRACTICESDeveloped questions and structure for an industry-wide survey of all company internal practices related to the risk management function. This comprehensive survey is open to non-members and is designed to provide the energy industry with otherwise unavailable information about current industry practices. A critical source for companies to benchmark their own practices and support change initiatives for improvement.

GENERAL MEMBER MEETINGS During the year, three General Meetings were held for members and invited guests. Each was a two-day meeting covering current working group initiative progress and work plans, as well as a one-day symposium on special topics related to risk management. Symposiums were on: IT security and the CRO; Enterprise Risk Management practices; and credit risk mitigation instruments.