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Integrated Risk Management Framework

pdf icon Risk Management Framework

The methodology proposed within this framework is built upon the components of the Australian and New Zealand Pubic Sector Guideline (AS/NZ Standard), the International Organization for Standardization (ISO) 31000, and the Risk Management Guideline of the BC public Sector1.   

The University’s risk management process is consistent with the seven elements identified within IS0 31000:2009 and the AS/NZS 4360:2004.   Two elements communicate and consult and monitor and review, occur continually through the process.  The remaining elements are normally undertaken sequentially.  The following figure, illustrates the VIU risk management framework with typical examples under each heading.

VIU Risk Management Framework


 

1Australian and New Zealand Public Sector Guidelines for Managing Risk (HB 143:1999).

The Canadian Standards Association Risk Management:  (CAN/CSA -Q850-97)

International Organization for Standardization (ISO) 31000.

Risk Management Guideline For the Public Sector  (http://www.fin.gov.bc.ca/PT/rmb/ref/RMB_ERM_Guideline.pdf)