Ad 20 Enterprise Risk Management-PDF Free Download

AD 20 Enterprise Risk Management

2019 | 4 views | 25 Pages | 708.67 KB

Word/Term Definition Enterprise Risk Management (ERM) A coordinated set of activities and methods that is used to direct the College and to control the many risks that can affect its ability to achieve objectives. ERM is used interchangeably with the term risk management. Enterprise Risk Management Framework A set of components that provides the foundations and organizational arrangement for ...



POLICY
1 The College Risk Management Committee CRMC will advance and promote an ERM framework
2 The College both at the College enterprise level and individual academic and administrative unit
level is committed to implementing and maintaining an ERM framework that is
2 1 consistent with current and internationally recognized standards including the CSA ISO 31000
2009 Risk Management Principles and Guidelines ISO 31000
2 2 a sustainable approach to ensuring awareness and a shared responsibility for risk management
at all levels of the College
2 3 supportive to the decision making processes by minimizing potential losses improving the
management of existing uncertainty and the approach to new opportunities thereby helping to
maximize the College s available resources and achieve its vision and mission
2 4 responsive to a changing risk profile and which brings value to management decision making
and demonstrates management accountability
2 5 accountable and produces regular risk reporting
2 6 cognizant that not all risk will be eliminated but rather risk will be identified and managed with
acceptable risk tolerances
2 7 the source of established minimum requirements for the completion of risk assessments related
to identified College activities processes initiatives and business goals
3 Risk assessments must be completed for Individual capital projects initiatives and strategic
investment priorities with a total aggregate value greater than 1 000 000
4 Risk assessments may be completed for internally significant operational activities to help inform
and bring value to the decision making process
PROCEDURE
Action Responsibility
1 Responsible for setting the College risk appetite risk culture and President
oversight in conjunction with the Board of Governors
2 Provides regular updates regarding risk exposure and mitigation Algonquin College
strategies as required to the ARM Committee of the Board of Executive Team ACET
Governors
3 Responsible for overseeing management s implementation of an ACET
appropriate ERM program to manage the risks related to the
College s business strategy and objectives
Action Responsibility
4 Regularly monitors and reviews the College risk profile and risk ACET
assessments to ensure appropriateness of risk governance and
infrastructure
5 Responsible for advancing and promoting an ERM framework College Risk
stewardship of College policies and procedures supporting risk Management Committee
management practices monitoring the risk profile of the College CRMC
and providing guidance and leadership related to changes in the
development implementation and monitoring of risk mitigation
measures on an ongoing basis
6 Responsible for aligning risk management and deploying the ERM Director Risk
Policy and Guideline across the College Management
7 Provides assistance to risk owners and employees with respect to Coordinator Risk
effective execution of risk assessment measurement mitigation Management
and monitoring processes
8 Responsible for establishing and monitoring the effectiveness of Vice Presidents
risk mitigating strategies that balance opportunity with risk Dean Directors
controls in accordance with the College risk appetite Chairs Managers Risk
Owners
9 Responsible for applying processes practices models and Vice Presidents
standards to identify assess manage and report on risks which Dean Directors
helps assure risk consciousness in day to day activities Chairs Managers Risk
Owners
SUPPORTING DOCUMENTATION
Appendix 1 Enterprise Risk Management Guideline
http www algonquincollege com safety security services files 2016 07 2016 04 15 ERM Guideline pdf
RELATED POLICIES
None
RELATED MATERIALS
Audit and Risk Management Committee Terms of Reference
http www algonquincollege com bog files 2014 04 Terms of Reference Audit and Risk
Management Committee BOG Approved 10DEC12 pdf
College Risk Management Committee Mandate Approved by President s Council February 27 2013
http www algonquincollege com safety security services files 2015 03 2015 03 22 Revised PC
Approved CRMC Mandate pdf
International Standard CSA ISO 31000 2009 Risk Management Principles and Guidelines
http www iso org iso home standards iso31000 htm isorisk
AD 20 APPENDIX 1
ENTERPRISE RISK MANAGEMENT GUIDELINE
ERM
Program
Enterprise Risk
Management Guideline
November 2015


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