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CalSTRS says enterprise risk maturity plan on track; software procurement delays push some activities to 2025
Summary
CalSTRS presented progress on an 18-month enterprise risk management and compliance maturity plan: most phase 1 items are complete but procurement and deployment of risk-management software is delayed, with implementation expected around January and final closeout scheduled for May 2025.
Linda Shaw, director of Enterprise Risk Management and Compliance Services, updated the Audits & Risk Management Committee on the 18-month ERM and compliance maturity plans created after a 2023 consultant assessment.
Assistant Director Phil Burkholder said the team completed three of four items in phase 1 and is progressing through phases 2 and 3 but noted two challenges: a recent senior staff departure and a longer-than-expected procurement for the enterprise risk software. "This is taking a little longer than we initially thought, but we have made great progress recently and we fully expect to be able to start implementing the software around the 1st of the year," Burkholder said.
Burkholder identified three activities (numbers 9, 11 and 15 in the plan) that are dependent on the software and therefore have not yet started. Senior Manager Megan Dean described phase 2 compliance deliverables, including a 12-month risk-based compliance education plan covering policy education, code of conduct and hotline reporting, and said the team expects significant closure and reporting at the committee's May 2025 meeting.
Board members expressed support for progress and urged continued momentum; no public comments were received on the item.
