The Enterprise Risk Management (ERM) initiative was first mandated by the Audit Committee of the Board of Governors in late 2009. Reporting to the Vice-Principal, Administration and Finance, Risk Management and Insurance reports annually to the Audit Committee regarding the ongoing evolution of the ERM initiative. The ERM process provides a disciplined methodology to report and track mitigation plans aimed at managing the potential adverse effects of identifiable risks.
Maturity of ERM at McGill
Several units completed the risk register exercise, and a list of the Top Risks was generated and updated over the years. In order to further advance the maturity of ERM at McGill, a refresh of the Top Risks was recently initiated through targeted discussions with the Principal and her executive team. The results of these exercises have elevated the visibility and value of the ERM initiative at the most senior level.
Alignment with the Principal
The ERM process has provided a means to identify and focus on McGill’s key risks and to evaluate their potential impact upon the strategic direction of the University. These are milestones for the ERM program, and the significance speaks to ERM evolving at McGill. There is also a clear connection to the Principal’s Priorities.
The Next Phase
The next phase will involve developing and ensuring that the mitigation plans for the Top Risks are implemented. Reporting with the Risk Owners on the progress and discussing any challenges they may face will be the focus of the next round of sessions with the Risk Committee. Specifically, the emphasis will be on developing, implementing and tracking concrete action plans with the Risk Owners. As such, the ERM cycle continues to evolve by following best practices and industry standards, and also incorporating and adapting it to McGill’s culture and environment.
We invite you to contact us should you have any questions on the ERM program at McGill. Send us an email at supportrisk.insurance [at] mcgill.ca.