A Top-down approach has been taken fostering the building of a strong linkage with the University's core mission and strategic priorities. The focus of our Enterprise Risk Program is to:
Institutions often face uncertainty. The challenge for senior leaders is determining how much uncertainty their organization is prepared to accept as it strives for innovation, achieve it's core mission and grow it's value. Uncertainty presents both as risk and opportunity, resulting in the possibility of enhancing, preserving or eroding value and achievement of an organization's mission and goals caused by the inability to foresee an event or through choices made or not acted upon.
1. increase program awareness;
2. build understanding and alignment of management approaches with the University's risk appetite and tolerance;
3. identify and prioritize the University's risks and opportunities through an annual and other program processes;
4. collaborate with identified risk leaders, to summarize and communicate mitigation strategies to stakeholders for key risks identified.
The Program approach is an ongoing and iterative process. Through activities such as our annual key risk reviews and detailed reviews on selected risks, it allows McMaster to collectively prioritize the identified current and emerging risks and opportunities as the University delivers on its core mission.
Legislative Compliance Reporting
The University is subject to numerous laws and regulations as it strives to achieve its core mission and fulfill its goals and objectives. The purpose of the legislative compliance program is to create and maintain a University-wide understanding and awareness of its regulatory compliance risk, risk mitigation plans and monitoring steps being taken.
A collaborative process has been developed to create a consolidated, risk-based view of legislation that applies to the University and that includes operational and strategic approaches being taken to compliance by the areas of the University impacted. A reporting process is completed annually in collaboration with management and provided to the University senior leadership and the Audit Committee of the Board of Governors for review and comment.
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