|Responsible/Originating Department:||Office of Vice-President, Administration and Finance|
|Executive Contact:||Vice-President, Administration and Finance|
Related Policies, Guidelines & Procedures:
1. Policy 11 - University Risk Management
2. Risk Management Reporting Guideline
3. Institutional Risk Mitigation Strategy
4. Statement of Institutional Risk Appetite
Capitalized terms used but not defined in this document and the tables appended to this document have the meanings given to such terms either in the Policy or in the list of definitions appearing at the end of this document.
Policy 11 – University Risk Management (the “Policy”) provides the principles and framework for Risk assessment, monitoring and reporting under the University Risk Management (the “URM”) program. The Statutory Compliance Statement is an integral part of the Policy and provides guidance to employees assessing, monitoring and reporting Risks under the Policy. The Statutory Compliance Statement summarizes the processes ensuing from the Policy.
2. General Principles
The University complies with all laws and regulations applicable to its operations, and adheres to generally accepted standards and best practices.
In a manner consistent with the Policy and the Guideline, the University will identify and monitor the statutes and regulations applicable to the operations of the University of Waterloo and report to the appropriate bodies.
The University promotes statutory compliance by providing timely support to the responsible stakeholders, as the need arises.
On a yearly basis, the Vice-President, Administration and Finance:
- Monitors the list of statutes and regulations applicable to the activities of the University of Waterloo;
- Initiates a university-wide survey by means of declarations of compliance;
- Reports to the Audit & Risk Committee on the comprehensive list of statutes and regulations applicable to the activities of the University of Waterloo and proposed mitigation strategies;
- Reports to the Building & Properties Committee on the list of statutes and regulations applicable to the activities of the University of Waterloo as set forth in the terms of reference of the committee;
- Ensure that legislative modifications are taken into consideration in the Policy Renewal Project.
Once per year, responsible stakeholders respond to the declaration of compliance sent by the Vice-President, Administration and Finance.
The Audit & Risk Committee and the Building & Properties Committee report on a yearly basis to the Board of Governors.