Enterprise risk management

The Enterprise Risk Management (ERM) program coordinates the University’s organizational risk management efforts. It provides a framework and processes to identify, assess, mitigate and monitor risks associated with achieving the University’s mission and goals.

The program fosters an ongoing risk-conscious environment across uOttawa, allowing decision-makers to conduct risk-opportunity analyses and make informed decisions. It’s a resource for leadership managing current and emerging risks under their responsibilities.

Vision and objectives

We aim to deliver a sustainable enterprise risk management framework and ERM capabilities, to enable uOttawa to identify, assess and manage risk and embrace opportunities related to achieving strategic and operational objectives. This includes:

  • Developing and maintaining an enhanced ERM program in units across uOttawa.
  • Providing risk advisories on strategic initiatives and operational activities, including those related to governance, risk management, issue management and controls.
  • Developing enhanced partnerships with departments and faculties and being seen as a trusted business partner.
  • Ensuring corporate risks are factored into strategic management decisions.
  • Developing an environment where professors and staff feel empowered to take responsibility for managing risks.
chess-umbrella-risk-protection

ERM principles, framework and process

Enterprise risk management (ERM) is a continuous business process led by the chief risk officer that extends the concept of risk management. It includes:

  • Identifying risks across our institution.
  • Analyzing the impact of risks to uOttawa’s operations and mission.
  • Evaluating risks to determine the appropriate treatment and priorities.
  • Determining a risk treatment strategy.
  • Monitoring identified risks, holding risk owners accountable and consistently examining emerging risks.
  • Maintaining continuous consultation and communication efforts with the relevant stakeholders through all steps of the ERM process.