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About
Laurier is devoted to excellence in learning, research, scholarship, and creativity. Our community challenges its members to become engaged and aware citizens of an increasingly complex world. Laurier is committed to advancing knowledge, supporting, and enhancing high-quality undergraduate, graduate, and professional education, and emphasizing co-curricular development of the whole student.
As part of our strategic planning processes, Laurier is committed to thoughtful consideration and integration of risk that will help in achieving our strategic goals. The Enterprise Risk Management (ERM) program is comprised of the ERM policy, framework and processes that support a culture of risk awareness and thoughtful decision-making towards identifying, analyzing, and treating risk. The university recognizes that it has a responsibility to manage the negative effects of unanticipated events that could disrupt normal operations, and will use insurance to reduce financial exposure, where appropriate. Laurier’s ERM policy sets the foundation of the ERM framework to be implemented at the university.
This ERM framework is a core component of the governance responsibilities at Laurier. It is applied by all officers of the university and will be used to improve and streamline policies, processes, and internal controls, and help ensure ongoing accountability, compliance, safety, and relevance of Laurier’s operations. The framework ensures that information about risk is gathered and communicated in a timely and relevant fashion, with the goal of continuous improvement.
Laurier has identified key risk areas which are reviewed and discussed regularly with senior leadership and the Audit, Risk and Compliance Committee of the Board of Governors. The ERM program assesses the following areas for risks that could impact the institution:
- student recruitment, retention, and academic success
- student supports
- research and innovation
- campus safety and emergency preparedness
- physical and information technology infrastructure
- financial sustainability
- governance
- employee talent management
- academic programming
ERM Framework
The ERM framework at Laurier represents the structured set of practices and technologies used to identify, assess, and analyze risks. In contrast, the ERM process consists of the specific steps and tools employed to implement the framework effectively.
This first component of the risk management framework assigns responsibilities for risk oversight among the Board of Governors, the Executive Leadership team, and other stakeholders. Risk owners are assigned risks to be managed and they understand their responsibility to regularly review, update and communicate about changes happening to the management of those risks.
Risk management is the responsibility of everyone in the Laurier community. This framework sets out the roles and responsibilities of stakeholders, recognizing that different stakeholders have different levels of accountability with respect to risk management. Laurier equips those accountable leaders with the appropriate authority, training, and resources to manage risk effectively. The tone for initiatives and major projects is set at the top of the university, and commitment to and support for risk management is essential for the process to be successful.
The risk management framework needs to be aligned with the university’s goals, objectives and strategies. The risk management process is integrated into organizational processes such as strategic planning, performance management, internal control, compliance, and governance. Different types of risks need to be understood from the Laurier perspective and considered when implementing strategic management decisions. A consistent methodology and approach for risk management at Laurier needs to be applied across all faculties, departments and functions.
Senior Leadership allocates the resources needed to effectively implement risk management processes throughout the university. Resources may include administrative support, internal and/or external specialists, equipment and systems, and training to support a culture of risk management throughout the university. Laurier’s Enterprise Risk Management Committee is a key resource in identifying, monitoring, and reporting on risk up to Senior Leadership and the Audit, Risk and Compliance Committee of the Board of Governors.
The university creates a culture of risk awareness, transparency and communication that enables proactive decision making. The framework guides Laurier’s design and implementation of effective risk management processes for identifying, analyzing, and treating risks. All strategic and systemic risks facing the university are identified, managed, and reported on in alignment with the associated risk tolerance.
Evolving ERM
Laurier’s ERM program is constantly evolving to meet the needs of our changing and growing institution. The Enterprise Risk Management Committee serve as Laurier’s risk champions, leading the ongoing maturity of our risk culture and sharing knowledge and resources with operational teams and faculties. The ERM program applies to all members of the Laurier community and risks can rarely be viewed in isolation. This means everyone works together to identify and address risk and communicate cross functionally to ensure complex situations can be managed appropriately.
Contact Us
E: erm@wlu.ca