Risk Management provides a range of institutional services. It operates the University’s risk management and acts as a consultant and service-provider to executive, division, college, and unit leadership who have substantive responsibility for managing risk. Along with Internal Audit, Risk Management supports the Finance, Audit and Enterprise Risk Management (ERM) Committee of Western’s Board of Trustees in fulfilling its fiduciary responsibilities for the University.
Responsibilities
Traditional Risk Management is responsible for:
- Partnering with individual areas to formulate, implement, administer, and evaluate risk management strategies to efficiently and cost-effectively manage risk within those areas
- Managing the University’s insurance and self-insurance programs
- Conducting contractual risk analysis
- Initiating and developing related University policies
- Seeking restitution from culpable third-parties
- Managing property and liability insurance claims
Enterprise Risk Management (ERM) Services is a collaborative effort of University leadership, which is facilitated by RCPS with support from Internal Audit with responsibility to lead and assist in the process. ERM is a structured, institution-wide approach to identifying, assessing, monitoring and responding to enterprise risks within the University’s risk tolerance, to provide reasonable assurance of success in fulfilling the University’s mission and strategic plan. ERM is integrated into the University’s existing governance, decision-making and planning and budgeting processes.
Reporting
Risk Management reports to the Associate Vice President for Finance and Business Services.
