Risk Management Policy

Approval Date: January 20, 2006


Go to:	[Overview]	[Purpose]	[POLICY]	[DEFINITIONS]	[RELATED LINKS]
This document is the parent policy for any associated procedures or appendices. Questions regarding this policy should be addressed to the Office of Administrative Responsibility.

Risk Management Policy

Office of Accountability:	Vice-President (Finance and Administration)
Office of Administrative Responsibility:	Financial Services – Risk Management
Approver:	Board of Governors (Board Audit Committee)

Overview

The University acknowledges that all activity has associated with it an element of risk. Due to the diverse nature of the University’s teaching, research and community service, and the fact that not all risks can be transferred to third parties through insurance policies, contracts or waivers, the management of residual risk at all levels of the organization is imperative. The Board of Governors has delegated responsibility for risk management policy matters to the Board Audit Committee.

Purpose

The University is committed to building increased awareness and a shared responsibility for risk management at all levels of the organization. A clearly defined Risk Management Policy including a Risk Appetite Statement supports this. This policy is intended to assist in decision making processes that will minimize potential losses, improve the management of existing uncertainty and the approach to new opportunities, thereby helping to maximize the University’s available resources.

POLICY

Compliance with University policy extends to all members of the University community. [▲Top]

The University will manage risk to protect both the University community and its assets and will maintain a proactive, long-term and sustainable enterprise-wide risk management strategy as summarized in the Risk Management Framework.

The management of risk is a shared responsibility at all levels of the University.

The University, when appropriate and cost effective, will seek to share risk with third parties through the use of insurance policies, waivers and contracts.

DEFINITIONS


Any definitions listed in the following table apply to this document only with no implied or intended institution-wide use. [▲Top]
Risk	Risk is anything that impacts the achievement of an organization’s objectives. Risk encompasses the following three dimensions: Hazard – preventing an exposure from turning into a loss Uncertainty – coping with volatility, uncertainty and change Opportunity – harnessing opportunities to one’s advantage
Risk Appetite	The willingness of an organization to accept risk related to its activities or objectives.
Risk Management	The process of identifying, assessing and developing management strategies to deal with risk(s) facing an organization.