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Integrated Risk Management Framework

Risk Management is an integral part of decision making at all levels of the organization and contributes to the achievement of Vancouver Island University’s (VIU) strategic and operational plans and objectives.

The Board of VIU is committed to the development of a risk management and compliance framework which is aligned with these key objectives.  The framework is comprehensive, spanning all decision making processes of the University as well as its entire organizational structure and focuses on four key areas – culture, structure and processes, tools and monitoring and review.

Culture

The Board of Governors and Executive Council of VIU support the need for strong risk management awareness across the institution and this will be raised through a Risk Management Steering Committee and the development of a University Risk Register.

Structure and Processes

The Vice President Administration and Finance is responsible for the overall risk structure.

Other accountabilities in the risk management cycle need to be assigned to various managers throughout the organization.

The Audit Committee of the Board is required to appoint a Risk Management Steering Committee to oversee the structure and to assign specific tasks, evaluate new risks and review risk management and risk mitigation strategies.  There should be a three year review of processes and major risks.

Tools

There are four approaches available when dealing with risk: avoidance, transference, mitigation of risk or acceptance of the risk.

The following programs are currently in place to transfer or mitigate risk when the risk is accepted or cannot be avoided:-

Emergency Preparedness                                                                 

Insurance                                                                           

Occupational Health and Safety Programs           link

Monitoring and Reporting

There exist several accountability controls which are monitored through the following plans:

Signposts (Institutional Vision to the Future)     

Academic Plan                                                                 

Integrated Plan                                                                               

Information and Technology Systems Plan         

Strategic Enrolment Plan                                            

Regional Strategy                                                           

Accountability Plan                                                        link

Budget Strategy                                                              

Governance