The Office of Enterprise Risk and Assurance (ERA) delivers a progressive Enterprise Risk Management (ERM) framework and capabilities to enable management to identify, assess, and manage risks and seize opportunities related to the achievement of strategic and operational objectives.
ERM is a coordinated and continuous process that enables management to holistically view key risks that impact the university. A comprehensive ERM approach enables management to focus on the university’s strategic priorities while making risk-informed decisions that best support these strategic goals and opportunities.
Strategic & Operational Risk Assessments
ERA works with senior leadership to identify and assess risks, and assist with determining appropriate risk mitigation activities. A risk assessment is conducted when there is a need or desire to understand any type of uncertainty with new and existing endeavours and the related implications that could arise for the organization.
Emerging Risks & Targeted Risk Reviews
The ERM process informs management about risks and potential opportunities on the horizon that could impact the university’s ability to achieve its strategic objectives. ERA actively monitors the ever-changing risk environment by utilizing various resources and best practices. ERA identifies key risk areas, paving the way for discussions with senior leaders on potential engagements such as targeted risk reviews.
Training & Awareness
The ERM program at UBC aims to promote a culture of risk-informed decision-making across the university. At UBC, training plays a crucial role in promoting a culture of risk awareness. A few strategies ERA deploys to support UBC’s risk culture and awareness include:
- Training key stakeholders on application and use of UBC’s ERM framework
- Fostering a risk dialogue between university stakeholders
- Partnering with key stakeholders on the identification and ongoing refinement of key controls and mitigation activities.
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