This online version is for convenience; the official version of this policy is housed in the University Secretariat. In case of discrepancy between the online version and the official version held by the Secretariat, the official version shall prevail.
Approving Authority: Board of Governors
Original Approval Date: June 25, 2015
Date of Most Recent Review/Revision: N/A
Office of Accountability: Office of the President
Administrative Responsibility: University Secretariat
1.01 The university is committed to thoughtful consideration and integration of risk in decision-making at Laurier. This risk management policy sets out the process to be followed at Laurier to systemically identify, evaluate, and manage risks in support of the University’s strategy, goals and objectives.
1.02 This risk management policy complements other university internal controls and sets out the risk management framework to be implemented at Laurier.
2.01 Risk – the potential for loss or the diminished opportunity for gain caused by factors that can affect the ability to achieve an administrative, academic, operational or strategic objective or desired outcome.
2.02 Risk Management – the planned and systematic approach to the identification, evaluation and control of risk to maximize opportunities and minimize losses.
2.03 Risk Tolerance – the capacity to accept risk and identifies the level of acceptable and unacceptable risk taking for the University.
2.04 Risk Owner – the office or individual who is primarily accountable for the effective management of a specific risk or risk category.
3.00 This policy applies to all administrative and academic units of the university and to all faculty and staff.
4.01 Laurier will support a systematic approach to identifying, evaluating and implementing effective controls to avoid, mitigate or manage risks in support of university activities. Risk and opportunity exist in all activities. Risk is not something to be avoided or eliminated; rather, it must be identified and managed within acceptable risk tolerances.
4.02 Laurier will seek to embed effective risk management practices within the management and planning activities across the university through the implementation of an Enterprise Risk Management (ERM) process. A university-wide perspective on risk is essential to understand the impact of risk events and to develop comprehensive and integrated approaches to control risks within acceptable levels. Risk management is a continuous activity integrated into the culture, planning and strategic decision-making of the university.
4.03 All employees at Laurier are responsible for the effective management of risk including the identification and disclosure of potential or emerging risks.
4.04 The Board of Governors and senior executive team have responsibility for embedding risk management within the strategic and operational management processes of the university.
4.05 Within the Board of Governors, the Audit and Compliance Committee is responsible for supporting and overseeing the implementation of the university’s ERM process.
4.06 The University President and senior executive team are accountable for strategic risk management, which includes: (i) the identification of strategic risks impacting the university; (ii) determining priorities; (iii) assessing risk appetite; (iv) developing strategic risk management plans; and (v) monitoring progress and implementation of plans.
4.07 Academic and administrative managers are responsible for implementing good operational risk management practices and maintaining appropriate internal controls that support the effective management of risk. Effective risk management requires timely recognition and disclosure of potential risks and should be incorporated into departmental/unit planning processes and management activities. Managers are accountable for implementation of this policy within their respective areas of responsibility.
4.08 Administration of the risk management policy and processes is delegated to the University Secretary and General Counsel who will coordinate risk management activities and procedures, monitor and report on risks and controls, as well as provide guidance and advice to those involved in the operational management of risk. The University Secretary and General Counsel will report to the Audit and Compliance Committee at least annually on the execution of the ERM plan at the university.
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