University of Saskatchewan

Policies

Enterprise Risk Management

Operations and General Administration

Responsibility: President
Authorization: Board of Governors
Approval Date: Oct 6, 2016

Effective Date


This policy was approved by the Board with an effective date of January 1, 2017.

Purpose and Objectives

The purpose of Enterprise Risk Management (ERM) is to ensure that the portfolio of risks that could influence the achievement of both the University’s strategic and key operational objectives is being consistently and effectively managed.  Implementing an effective ERM process achieves the following key objectives:

Principles

The University follows best practices in risk management by embracing the following principles:

Scope of this policy

This policy applies to all members and activities of the University of Saskatchewan.  

Policy

The University is committed to utilizing a systematic approach to the identification, assessment and mitigation of risk to improve both planning and decision making across the institution through:

Responsibilities

It is the responsibility of all members of the University community to practice risk management as prescribed by this policy and its attendant procedures. 

Board of Governors:

Audit Committee of the Board of Governors:

President:

President’s Executive Committee (PEC)

Administrative Heads (Deans, Executive Directors, AVPs/Vice Provosts, Directors, Heads of Academic & Administrative Units

Corporate Administration (Manager, Risk Management and Insurance Services):

Non-compliance

The University expects that its members will comply fully with this policy.  Failure to comply with this policy could lead the University to suffer significant reputational or financial harm.

Definitions

Members – Faculty, staff and agents of the University of Saskatchewan.

Risk - the effect of uncertainty on objectives.

Risk Management - is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risk management’s objective is to assure uncertainty does not deflect the endeavor from the business goals.

Risk owner - a person with the accountability and authority to manage a risk.  This is a person who is both interested in resolving a risk, (i.e., someone who is very much interested in preventing such risks from happening) and positioned highly enough in the organization, so that his or her voice would be heard among the decision makers, to do something about it.

Enterprise Risk Management Program (the program) - includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives. An ERM Program typically involves identifying particular events or circumstances relevant to the organization's objectives (risks and opportunities), assessing them in terms of likelihood and magnitude of impact, determining a response strategy, and monitoring progress. By identifying and proactively addressing risks and opportunities, organizations protect and create value for all of their stakeholders and society overall.

Related Documents

There are no other documents associated with this policy.

Contact Information

Contact Person: Manager, Risk Management and Insurance Services
Phone: 306-966-8788
Website: www.usask.ca/corporate_admin