We are thankful to be welcome on these lands in friendship. The lands we are situated on are covered by the Williams Treaties and are the traditional territory of the Mississaugas, a branch of the greater Anishinaabeg Nation, including Algonquin, Ojibway, Odawa and Pottawatomi. These lands remain home to many Indigenous nations and peoples.

We acknowledge this land out of respect for the Indigenous nations who have cared for Turtle Island, also called North America, from before the arrival of settler peoples until this day. Most importantly, we acknowledge that the history of these lands has been tainted by poor treatment and a lack of friendship with the First Nations who call them home.

This history is something we are all affected by because we are all treaty people in Canada. We all have a shared history to reflect on, and each of us is affected by this history in different ways. Our past defines our present, but if we move forward as friends and allies, then it does not have to define our future.

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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.