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Categories of Risk Management

Risk and Insurance Services aspires to support the growth of risk management within the University; the goals of Risk and Insurance Services in risk management will encompass several areas. These are:

  1. Vision, Culture, and Awareness Activities
  2. Risk Identification
  3. Assess Exposure to Risks
  4. Mitigation of Potential Risks
  5. Policy Review


Vision, Culture, and Awareness Activities

  • Develop and implement a vision, culture and framework across the University;
  • Increase the awareness of Risk and Insurance Services across the entire scope of the University;
  • Develop and implement risk management standards, guidelines and processes;
  • Improve and support communication and information sharing, with respect to risk management incidents, throughout the University;
  • Work with areas of the University to seamlessly and successfully integrate Risk and Insurance Services into their operations and planning process;
  • Coordinate, encourage and promote group and department accountability for effective risk management and compliance

Risk Identification

  • Develop and implement risk identification and evaluation standards and processes;
  • Maintain a database of identified risks;
  • Prioritize risks and develop strategy of addressing risks;
  • Identify the person responsible for managing risk

Assess Exposure to Risks

  • Determine the impact if the risk was to occur;
  • Identify the current controls and mitigating actions that are in place;
  • Determine the likelihood of the risk occurring;
  • Consider whether appropriate early warning systems are in place

Mitigation of Potential Risks

  • Suggest additional mitigation strategies;
  • Determine whether remaining risk is acceptable;
  • Implementing or ensure implementation of the chosen risk control technique;
  • Monitor the results for effective control

Policy Review

  • Identify risk related policies that require updating;
  • Identify policy gaps in risk related areas;
  • Consult Risk and Insurance Services if you are reviewing/updating any policies