Enterprise Risk Management
While risk is inherent in any organization and claims will always occur, their impact can be minimized and contained through an effective risk management strategy. Risk and Insurance Services strives to be a consultative resource to the University community in advising about insurance, claims and any issues relating to Risk Management.
Our main priorities
- Development of the risk management framework;
- Risk Assessments to identify loss management strategies;
- Assessment of insurance requirements;
- Reporting to appropriate insurance providers;
- Provide Certificate of Insurance (proof of coverage) when required by external parties;
- Assist in the preparation of liability waivers, when requested by academic and administrative departments;
Risk Management Framework
Memorial University's Risk Management framework has been developed to assist in identifying, measuring, managing and disclosing all key risks in an effort to increase value to all stakeholders.
Memorial University's Risk Framework is not only concerned with probability of a risk occurring but also the severity of the risk.
The Office of Risk and Insurance Services will be working with academic, administration and research units across the University to facilitate the identification process of risks and assist with the development of risk registries that will identify university risks and relevant risk mitigation strategies. Universities by their very nature are risk takers and accepting risks with proper mitigation strategies can optimize positive outcomes.