Knowing the significance of engaging its personnel in risk identification, the Metropolitan Waterworks and Sewerage System (MWSS) Regulatory Office is set to conduct its own Risk and Control Self-Assessment (RCSA) activity to control and minimize the exposure to such risks.
“To improve the services that we deliver, we should be able to identify potential risks and formulate strategies to address them in advance. This is the importance of risk management and it is our objective to operationalize this in the Regulatory Office,” Acting Chief Regulator Emmanuel Caparas said.
Implementing a risk management framework in an organization provides tools for dealing with the associated uncertainty and enable rational choices to address those risks.
Caparas added that identifying and mitigating a risk means minimizing the consequences of the risky event. It also necessitates prudent preparation for the occurence of risks and other negative events that may disrupt the agency’s services.