The University Risk Management (URM) program continues to advance with the development and integration of a URM strategic foundation, including risk management principles and a framework and process that aligns and supports the Institutional Strategic Plan. The URM program was adapted to be a consultative resource and tool to assist the University community with risk management integrated into planning and decision making processes. The URM philosophy fosters a culture that is risk-aware without being risk-averse. The URM
program is tailored to ensure risks are identified, assessed and managed appropriately in order for University stakeholders to make informed decisions optimizing on and recognizing that the University environment is unique and complex with multiple missions and objectives. Developed with International and Canadian Standards for Risk management and with best practices of the University sector in mind, the University will be further equipped and supported to identify and manage risk and/or seek to optimize risk opportunities in order to achieve the University’s academic mission, strategic priorities and goals. REVIEWING THE NUMBERS
University Risk Management
URM risk categories
Figure 51
ACADEMIC MISSION RISK CATEGORIES Operational risk
• Property loss exposure • Liability loss exposure • Personnel loss exposure
• Academic • Administration • Processes, systems or controls
EXTERNAL
Financial risk
Strategic risk
• Market exposure • Financial assets or liabilities • Funding
• Industry and/or societal changes • Reputation
77 2018-19 Annual Report
Hazard risk
GOALS
PRIORITIES
INTERNAL
REPUTATION URM process
Figure 52
MONITOR AND REVIEW
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Risk context • Scope • Context • Criteria
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Risk assessment • Risk identification • Risk analysis • Risk evaluation
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Risk treatment • Mitigation strategies • Risk action plan
COMMUNICATION AND CONSULTATION URM Principles, Framework and Process – CSA ISO 31000: 2018 adapted.
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Risk report • Document • Stakeholder notification