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Register Process ,
Key Definitions or Risk Management
What is a Strategic Risk Register?
A Risk Register is a tool to support the risk framework that captures
strategic institutional risks. It will include detailed descriptions
of the key risks faced by UVic as well as the various strategies
in place to mitigate each risk. It is envisaged that the register
will become a "living" document and will be utilized
as a management tool to inform planning and improve decision making
What is the Goal of having a Strategic Risk Register?
- Develop and promote a risk management culture within the University
focusing on areas of risk
- To provide a "living" document that will be utilized as a management
tool to assist in achieving the University's strategic objectives
- To assist UVic toward the development of a long-term sustainable,
and comprehensive approach to support the identification and
management of risks across UVic; and
- To provide the Board of Governors and senior management with
a more comprehensive understanding of the risks faced by UVic,
an assessment of the risks and the activities that have been
undertaken to manage the risks facing UVic.
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The following definitions apply to this policy:
of something occurring that may impede the University from achieving its objectives.
The concept of risk has two elements; the likelihood of a risk happening
and the consequence if it happens.
The application of management policies and processes to enable the systematic
identification, analysis, mitigation and monitoring of risk.
Risk Management Plan
A documented list of risk mitigation strategies/actions, timelines and
Involves identifying the range of options for treating risk, evaluating those
options, selecting the preferred treatment strategy, preparing risk
mitigation plans and implementing them.
Refers to risk considered without any assessment of controls.
The level of risk that remains after all risk treatment measures have been taken.
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Risk management is everyone's
responsibility and therefore this document will be a useful reference for all
University employees. It has been designed for use by departments
within the University as well as the Senior Management Group, Audit
Committee, Line Management and those employees involved in the
formal application of the risk management process.
Risk Mitigation Owners:
- Identify and control risks in his/her area of responsibility
- Continually reviews risks and controls of their operations to ensure
- Update the status on the risk mitigation plans on a regular basis
Risk and Insurance Analyst:
the risk management plan is monitored and updated regularly
- Monitoring risks to ensure University objectives are achieved
- Conduct or arrange appropriate risk management training where necessary
- Provide policy and framework to departments to identify, analyses and
- Produce and provide the management relevant and timely user reports.
Risk Management Steering Committee
- Monitor risk management plans and ensure the timeliness of their actions
- Assurance of risk control and compliance
- Monitor the cost effectiveness of the risk management plan.
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Click on Risk Management
Process Stages to view process stages
Click on Risk
Management Process Stages Expanded to view an expanded
process stages diagram