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Risk Management Committee

OVERVIEW

The Risk Management Committee is responsible for overseeing the successful integration and execution of the University Risk Management (URM) framework. The Committee is responsible for facilitating the risk identification and assessment process at the Senior Leadership Team and Functional Leadership levels, consolidating that information and finalizing the institutional risk profile for the Board.  This committee is a skills-based committee comprised of individuals who are best able to help the University fulfil its URM objectives.

The members are selected for non-permanent staggered terms lasting one to two years, as determined by the Chief Risk Officer. The committee includes representatives from across the University.

TERMS OF REFERENCE

Purpose
The purpose of the Risk Management Committee is to oversee the successful integration and execution of the University Risk Management (‘URM’) framework. Operational implementation and maintenance of the URM program will be conducted with oversight and guidance from the Senior Leadership Team (“SLT”). The Committee has direct reporting into the Audit and Finance Committee of the Board of Governors (reference, Risk Management Policy 6.16, June 18, 2014).

Definitions
For the purpose of this Terms of Reference document the following definitions apply;

Chief Risk Officer: means a designated member by SLT to serve as Chief Risk Officer (“CRO”).

University Risk Management (“URM”): means a consistent, coordinated, integrated approach to identify, assess, measure, manage, communicate and mitigate significant and material risks to UOIT achieving its strategic objectives.

Risk: means the uncertainty of outcomes against planned objectives. This concept can be applied to strategic objectives as well as all operational activities within the University. While the application of the definition may change with different stakeholders, the concept should not change.

Risk Assessment: means a formalized, systematic ranking and prioritizing of identified risks using an impact/likelihood framework.

Terms of Reference
The Committee will, under the direction of the Chief Risk Officer, provide oversight and direction for the implementation and consistent application of the URM framework including;

  • Providing recommendations and reports to the Senior Leadership Team (SLT) and Board of Governors, through the Audit and Finance Committee, on significant risks affecting the University and on risk management initiatives;
  • Enabling successful integration and execution of the URM framework;
  • Championing risk management as well as managing and monitoring the University’s exposure to risk;
  • Facilitating the risk identification process and review the ERM approach and framework periodically, updating the risk management policy and procedure where necessary;
  • Conducting regular meetings to discuss risk and risk management as well as evaluate recent risks and review lessons learned.
  • RESPONSIBILITIES

    The Committee holds responsibility for the successful integration and execution of the URM framework. Operational implementation and maintenance of the URM program will be conducted with oversight and guidance from SLT. The Committee will also be responsible for facilitating the risk identification and assessment process at the SLT and Functional Leadership levels, consolidating that information and finalizing the institutional risk profile for the Board. The Committee will be a skills-based committee comprised of individuals who are best able to assist the University in fulfilling its ERM objectives.

    The Chief Risk Officer or his/her designate is the Chair of the Committee.

  • QUORUM AND DECISIONS

    Quorum requires that half of the members entitled to vote are present and a decision shall be determined by a majority of votes. All votes at any such meeting shall be taken in the usual way by assent or dissent. In the event of a tie vote, the Chair will vote to break the tie.

    The Committee will strive to achieve consensus on its decisions. In the event that the Chair determines that consensus is not possible, the Chair may in his/her sole discretion, call a vote on the question and a decision shall be determined by a majority of votes.

  • MEMBERSHIP

    The Risk Management Committee will be comprised of no more than thirteen (13) members including the Chief Risk Officer (non-voting) the Director of Risk Management, and the working Committee members. The Committee will be a skills-based committee with representation from across the University.

    The members are to be selected for non-permanent and staggered terms on the Committee. The composition to include members who represent most of the following areas/functions/skills sets;

    • Two faculty representatives (North and Downtown)
    • Planning Budget Officer
    • Finance
    • Human Resources
    • Occupational Health and Safety
    • Services
    • Student Life
    • IT
    • Research
    • Communications/Marketing/Government Relations
    • Field Research/International
  • TERM

    The term for the working members of the Committee will be one (1) to two (2) years as determined by the Chief Risk Officer.

  • MEMBERS OF THE COMMITTEE

    Alison Baulk - Finance Supervisor, Financial Planning and Reporting

    Ian Doyle –  Director,  Technology and Research Services

    Matthew Mackenzie – Director, Government and Community Relations, External Relations

    Stephen Thickett – Director, Planning and Operations, Student Life

    Tyler Frederick – Assistant Professor, Faculty of Social Science and Humanities

    Connie Thurber – Associate Teaching Professor, Faculty of Health Sciences

    Vacant – Planning and Budget Officer, Faculty of Education

    Maureen Calhoun – Occupational Health and Safety, Human Resources

    Tanya Mayorga – Capital Planning Officer, Office of Campus Infrastructure and Sustainability 

    Carolyn Yeo - Manager, International, International Office

    Candi Gogar - Research Legal Counsel, Research  

    Julie Day - Human Resource Partner, Human Resources  

     

    Brad MacIsaac – Chief Risk Officer, Vice President of Administration

    Director, Risk Management

  • RESOURCES