Memorial University Risk Framework
Memorial University's Risk Management framework has been developled to assist in identifying, measuring, managing and disclosing all key risks in an effort to increase value to all steakholders. Universities by thier very nature are risk takers and risk if manged properly can optrimize positive outcomes.
Memoiral Universities Risk Framwork is not only concerned with probability of a risk occuring but also the severity of the risk.
The Office of Risk and Insurance Services will be leading the implementation and works with senior administration as well as academic and administrative units across the University to facilitate the identification process of risks and assist with the development of a risk register that will identify all University risks and relevant risk mitigation strategies.
Memorial University's Definition of Risk:
Memorial defines risk as Risk is... "the effect of uncertainty on objectives."
This can be interpreted as the the possibility that any negative event, action or inaction that is unknown could adversely affect the University’s ability to achieve its objectives and successfully execute its strategies.
Types of risks can include: Top 5 risk categories
Memoiral University's Risk Framework:
This initiative is directed by - Audit and Risk Committee? and is sponsored and guided by the
Risk Framework objectives include: