ERM or COLLEGE WIDE RISK MANAGEMENT — MADE

ERM or COLLEGE WIDE RISK MANAGEMENT - MADE EASY Financial Management Institute – June 6 th, 2007 Peter Lockie, Chief Financial Officer Camosun College

Agenda Overview of RM at Camosun College Project Planning RM Process and Tools Benefits and Things to Avoid What Have we Achieved and Was it Worth it?

Why did we Undertake a Risk Management Project? RM at Camosun was happening, but… n It was inconsistent, uncoordinated, and lacking accountability RM is a BC provincial initiative Management tool

Goals Establish a culture of Risk Management at Camosun Develop a Framework to guide risk management processes Develop tools and provide training to sustain the Risk Management culture.

Planning Established as a College-wide Initiative Took a Project Management Approach Received Executive Buy-in Linked to the BC Provincial Initiative Engaged in a Community of Practice Established as a priority project for a Senior Manager (Project Leader)

Project Leader Developed the Full Project Plan Linked with the Provincial Activity Established a Senior Level Project Team Researched RM Practices Analyzed Tools & Training Options Developed and Implemented a Coordinated Approach to RM for Camosun

Camosun’s RM Approach Our Approach is… Strategically Based Relatively Simple Provides a Baseline for Annual Monitoring Keeps Accountability & Responsibility for RM at the College Leadership Level

Risk Management Process & Tools Establish Context for Risk (Policy) Conduct Risk Analysis Sessions for Senior Units n Facilitated by Project Leader (2 -3 hours per unit) Each Unit Received n n n Risk Register Risk Profile Risk Treatment Plans (Action Plans) Summary of Key Risks established for Executive Unit Leaders Responsible for Monitoring & Presenting Annually to Executive

Full Tool Kit www. camosun. bc. ca/policies. html Risk Analysis Worksheet Risk Categories Measurement Tool (Likelihood & Consequences) Risk Register Risk Profile Risk Treatment Plan (Action Plan)

Benefits Risk Management Capacity College-wide Empowered Units to Resolve Risk Absolved some units of guilt (They were over-managing the risk) Redirected some units who were not managing the right risks. Integrated RM into ongoing management culture

What to watch out for… Participation must be strategic or minutia reigns Risk Treatment Actions must be within the control of the unit identifying the risks Training occurs during the session Initial session (baseline) best conducted by someone outside the unit fully supported by the unit leader

What have we achieved and was it worth it? Fully implemented and documented ERM process Annual update process at unit level with executive review - still evolving Quarterly reporting of significant change integrated with management reporting Very useful tool for managing major projects Provides confidence to Board that risk is being managed appropriately – summary reports

Q&A