Enterprise Risk Management at UBC

In 2009, the University adopted an Enterprise Risk Management (ERM) framework to support strategic and operational decision-making. The Office of ERM has been leading the implementation and works with the Executive Team, and academic and administrative units across the University to facilitate the identification process of risks and assist with the development of relevant risk mitigation strategies.

Enterprise Risk Management at UBC

What is UBC’s Definition of Risk?

UBC defines risk as the possibility that an event, action or inaction could adversely affect the University’s ability to achieve its objectives and successfully execute its strategies. Types of risks can include:

  • Academic: faculty, students, research
  • Financial
  • Reputational: rankings, service
  • Operational: processes, systems, staff
  • Hazard: natural and other disasters
  • Strategic: barriers to achieve strategic goals

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What is UBC’s ERM Framework?

The ERM initiative is directed by the University’s Board of Governors – Audit Committee and is sponsored and guided by the ERM Steering Committee, comprised of executive and senior members:

  • Provost & VP Academic
  • Deputy Vice Chancellor and Principal
  • VP Finance & Operations
  • VP Students
  • VP Human Resources
  • Director, Internal Audit

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What are the objectives and benefits of ERM?

Enterprise Risk Management serves UBC by:

  • Being a management tool for faculties and administrative units to identify key areas of risk and prioritize resource allocation
  • Identifying dependencies and key areas where coordination with other faculties/administrative units is required
  • Developing of an on-going comprehensive risk database using a consistent methodology across all campuses of the University
  • Providing feedback and reporting to the Executive Team and the Board of Governors regarding high risks facing individual faculties/units
  • Coordinating with Internal Audit, Privacy, Information Security and other Risk Management Services (e.g. Continuity Planning, Insurance, Health and Safety)
  • Matching best practice that is quite common in other universities.

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