PG&E’s ERM program: ■ is designed as an ongoing process rather than a one-time project; ■ supports the company’s vision, goals and strategies; ■ provides a portfolio view of risk and facilitates a coordinated risk response across the enterprise; ■ identifies significant risks and ensures they are being managed within the company’s risk tolerance; ■ ensures a systematic process for identifying and evaluating risks; ■ improves the understanding of key risks and their potential interdependencies; ■ enhances the ability to manage the probability of occurrence and/or consequence of risks; ■ improves the allocation of resources used to manage risk; and ■ defines clear roles and responsibilities for risk-management activities, including the creation of a senior officer risk committee, which is responsible for prioritizing risks and reviewing the evaluations and plans for the top risks.