• On November 18^th, 2006 PIC started a major step related to ERM, the kick-off meeting of design phase had already taken place. The day to day activities were being performed until the completion of the design phase on March 10^th, 2007.
• The 26^th of March, 2007 represents a historical occasion in PIC’s ERM project, PIC Board of Directors have approved the ERM policy and guidelines.
• On June 2^nd, 2007 PIC started the kick-off meeting of the implementation phase. During this phase PIC is implementing the processes and procedure which had been designed during the design phase. In addition, analyzing the designing risk management software (Powersim) to meet PIC requirements.

The completion of the project is expected on the end of December, 2007.