2.9 - University Risk Committee
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The University Risk Committee supports Council in carrying out its accountability for overseeing and monitoring the assessment and management of risk across the University. The Committee advises on the form of the risk management framework appropriate for the University and monitors and reviews implementation of risk management practices within that framework. The Committee advises Council, and other committees as appropriate, on any significant risks that are unable to be appropriately managed. Within the University’s administration the Senior Vice-Principal has accountability for operation of the strategic risk framework and the coordination of risk management programs.
A. Membership
- Two external members of Council, the President of the Academic Board and one other Council member or Council Fellow as appointed by Council
- Up to three additional persons with expertise in audit/risk management as appointed by Council
The Chairperson is appointed by Council.
The Vice-Chancellor, Senior Vice-Principal, Chief Financial Officer, Chair of the Risk Management Committee and Director, Internal Audit are invited to attend each meeting of the Committee. Other officers of the University may be invited to any meeting as the Committee determines.The Quorum for the Committee is three members.
B. Terms of Reference
- Oversee the implementation and operation of a risk management framework appropriate for the University;
- Review regular updates on strategic risk assessments and the effectiveness of actions in place or proposed to mitigate those risks assessments;
- Monitor the effectiveness of internal processes, and control systems in identifying and managing risk, including in relation to planning and budgeting, governance and management of major projects and contracting and tendering for goods and services;
- Monitor the effectiveness of University risk management systems and practices relating to emergency response, crisis management, disaster management and business continuity;
- Provide advice on any actual or potential risks that require more active management, the actions that might be taken to deal with them and the officer or body responsible for taking that action;
- Review reports of meetings of the Risk Management Committee and provide advice on any matters that require consideration by Council or its committees;
- Review from time to time the appropriateness and adequacy of the University’s risk management practices and advise on any changes, consistent with industry best practice, that would strengthen their effectiveness.
- Receive regular reports on Occupational Health and Safety and review the efficacy of actions in place or proposed mitigation strategies to address risks in this area.
The Committee reports to Council.
The University Risk Committee normally meets quarterly. It meets on other occasions as necessary.