Purpose

 

The University of Regina is committed to establishing an institution that ensures risk management is an integral part of all university activities and a core capability.  Enterprise Risk Management (ERM) ensures the continued growth and success of the University of Regina (the University).   The ERM function assists all levels of the administration in achieving the University’s strategic objectives by bringing a systematic approach to evaluating and improving the effectiveness of risk management and control.

 

The University’s objectives in managing risk include:

 

·         Integrating risk management into the culture and strategic decision-making of the University;

·         Anticipating and responding to changing social, environmental and legislative conditions;

·         Managing risk in accordance with best practice, and demonstrating due diligence in decision making;

·         Regarding legal compliance as a minimum standard;

·         Balancing the cost of managing risk with the anticipated benefits; and,

·         Raising awareness of the need for risk management.

 

ERM is designed to identify potential events and trends that may significantly affect the University’s ability to achieve its strategic goals or maintain its operations either positively or negatively.  These are defined as risks.  Through the ERM process, identified risks are assessed against the University’s level of risk tolerance, to provide reasonable assurance regarding the achievement of the University’s objectives.

 

Definitions

 

Enterprise Risk Management:              a rigorous process applied across the University for assessing and addressing risks from all sources that threaten the achievement of the University’s strategic objectives.

 

Risk:                                                     chance of an event or trend, either positive or negative, that will have a significant impact on operations and/or the fulfillment of the University’s objectives.

 

Risk Register:                                       official recording of the known risks facing the University.

 

Risk Treatment:                                   process of selection and implementation of measures used to modify the risk or opportunity within the University’s risk tolerance (i.e. accept, mitigate, transfer, avoid).

 

Policy Statement

 

The University will identify and manage its enterprise risks in support of its vision, mission, goals and aims as set out in the strategic plan and its operations.  The University cannot seek to eliminate risk; rather, it will ensure that existing and emerging risks are identified and managed within acceptable risk tolerances. 

 

The management of risk is a shared responsibility at all levels of the University.  The Executive Director, University Governance oversees the ERM Framework facilitating and coordinating the process of:  identifying, reviewing and ranking risks; assigning, tracking and monitoring of risks; and, reporting status to the University’s Executive and the Board’s Audit and Risk Management committee.

The University’s guiding principles in managing risk are that: 

 

·         the Board of Governors and University Executive have responsibility for overseeing risk management within the University;

·         the Board of Governors and University Executive adopt an open and receptive approach to solving risk problems;

·         the University Executive support, advise on and implement policies approved by the Board of Governors;

·         the University makes conservative and prudent recognition and disclosure of the financial and non-financial implications of risks and opportunities;

·         Deans, Associate Vice-Presidents, Directors and Department Heads are responsible for encouraging good risk management practices within their units; and,

·         key risk indicators will be identified and monitored on a regular basis.

 

Roles and Responsibilities

 

General:

 

All staff members of the University are responsible for the effective management of risk including the identification of potential risks.  Management (both administrative and academic) is responsible for the development of risk management processes and the implementation of risk reduction strategies.  Risk management processes will be integrated into existing planning processes and management activities.

 

Deans, Associate Vice-Presidents, Directors and Department Heads:

 

Deans, Associate Vice-Presidents, Directors and Department Heads are accountable for:

     

·         implementation of this policy within their respective areas of responsibility, incorporating risk management into their planning processes and management activities;

·         actively participating with the risk assessment process; and,

·         reporting on the status of items in the risk register as required when it impacts their respective responsibilities as part of either the annual planning or review cycle.

 

University Executive:

 

The University Executive are accountable for strategic risk management within areas under their control including the delegation of the risk management process to Deans, Associate Vice-Presidents, Directors and Department Heads.  Collectively, the senior executive team is responsible for:

 

·         the formal identification of strategic risks that impact the University’s goals;

·         determination of priorities;

·         development of strategic risk management plans;

·         monitoring progress in managing risk; and,

·         progress review of the strategic risk management plan.

 

Audit and Risk Management Committee:

 

The Audit and Risk Management Committee of the Board is accountable for ERM as defined in its terms of reference.

 

Enterprise Risk Manager:

 

The Executive Director, University Governance reports through the President to the Audit and Risk Management Committee for the implementation of this policy and maintaining the framework for ERM by:  facilitating the assessment of enterprise risks; developing a risk register for the University which includes prioritized risks, appropriate risk response, defined risk mitigation processes and measures monitoring effectiveness; and, facilitating action in those areas where improvements are required.  The Executive Director, University Governance reports regularly on the status and adequacy of ERM at the University.  

 

Process

 

University of Regina – Enterprise Risk Management Framework