Policy 11 - University Risk Management states that the following terms shall have the following meanings:
|Risk||The chance of occurrence of an event or trend that will have a negative impact on operations or fulfillment of objective at the institutional, academic unit and/or academic support unit levels.|
|Risk Appetite||The level of Risk in any particular case that the University is prepared to accept before action is deemed necessary to manage that Risk. The University's Risk Appetite will be presented to the Audit & Risk Committee each year in conjunction with the University-wide Risk Assessment.|
|Risk Assessment||The identification of Risks and the evaluation of the quantitative or qualitative nature of Risks related to a specific situation and recognized as a threat, performed by means of tools developed by the University.|
The official record of Risks and related Risk categories relevant to the University at an institutional level, as established through the Risk Assessment Process undertaken pursuant to the policy.
|Senior Administration||Includes the vice-presidents and the University Secretary, and will include the president for sections 5.3.1 and 5.3.3. of Policy 11 - University Risk Management, and to the extent primary responsibility for an initiative or operations has not been delegated to another Senior Administrator.|
|Statutory Compliance Program||
The observance by the University of its statutory and regulatory obligations.
|University Risk Management||
A systematic process for University Risk Management, by which Risk from all sources is assessed and addressed.