Enterprise Risk Management
The Enterprise Risk Management (ERM) Program works to address the full spectrum of significant risks at McMaster University.
The Program supports the university’s mission and strategic priorities by identifying, analyzing, and monitoring risks. The Program also provides an overview of the institution’s challenges to prioritize and manage risks more effectively.
The Program’s objectives are to provide information regarding risks that could negatively impact the achievement of institutional goals and to support the university in accomplishing its strategic vision.
The benefits of an ERM program include:
- Alignment between institutional goals and frontline initiatives
- An increase in the likelihood of achieving objectives
- An effective way to prioritize and allocate resources
- Ability to identify threats and opportunities
Information Box Group
ERM Policy
Information Box Group
Institutional ERM
ERM Tools and Templates
There are several components required to successfully implement McMaster’s ERM Program.
These include ERM definitions, processes for risk identification, risk rating criteria, procedures for risk assessment, monitoring and treatment as well as reporting of outcomes.
ERM Maturity
Risk Appetite and Tolerance
Frequently Asked Questions
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Insurance Programs
Insurance is a tool used for managing risk. Risk may be transferred from one entity to another, such as an insurer, in exchange for payment.
McMaster University has various types of insurance or self-insurance to cover the different risks the institution faces. For more detailed information, please contact the Chief Risk Office.
Crisis Management
Risk Consultation
Risk Decision Support / Risk Informed Decision Making
The ERM team provides consultation and risk decision support services to all departments and faculties within the university to manage risk at the local / unit level. Risk consultation is an effective way to align prioritization of departmental objectives and projects with the McMaster’s Institutional Priorities and Strategic Framework.
Risk consultation can be on a broad array of topics including but not limited to management of risks in a new project or study, managing the overall unit’s operating risks or managing an incident or issue that has come to pass.
Support in scaling and customizing the university’s institutional ERM framework to a department or faculty approach is also available and will be an ongoing priority for the McMaster Chief Risk Office.
If you would like consultation on a current project or incident, or would like to discuss options to scale the university’s institutional ERM framework to an individual department or unit, please contact the Chief Risk Office.
Contract Reviews
All McMaster University contracts must be reviewed by one of the following departments:
- Office of Legal Services (business and commercial contracts)
- Procurement (purchasing goods, services, or temporary rental of space)
- Vice-President of Research or MILO (sponsored research, grants, and contracts for research activities)
Following review by the teams above, the Chief Risk Office is available to provide contract / agreement review services pertaining to insurance provisions in contracts, to all members of the McMaster community.
Staff and Faculty are also encouraged to reference the ‘Minimum Contractor Requirements’ document when drafting and reviewing any contracts.