Enterprise Risk Management Policy

Vancouver Community College (VCC; the College) is committed to the systematic identification, assessment, and management of risks to achieve its strategic objectives, enhance decision-making processes, and ensure the institution's long-term sustainability. The purpose of this policy is to establish VCC's approach to risk management, describe key roles and responsibilities of employees at the College, and identify the governance and accountability for its Enterprise Risk Management (ERM) Framework.

VCC aligns its ERM Framework with the ISO 31:000 2018 Risk Management – Principles and Guidelines model as adopted by the Government of British Columbia.

This policy applies to all VCC employees and members of the Board of Governors.

1. The College is committed to integrating risk management into its culture and operations through the implementation of an ERM Framework, and maintaining a governance structure that facilitates the application of this Framework.


2. VCC accepts risk as an integral part of its operations and recognizes that ERM is critical to the achievement of its goals and governance responsibilities.


3. The ERM Framework is designed to identify, evaluate, treat, report on, and monitor key risks.


4. ERM at VCC is tied to its strategies and objectives and is designed as one of the inputs in making informed strategic and operational decisions.


5. ERM is a shared responsibility and an effective ERM Framework is reliant on the expertise and knowledge of partners across the College.


6. VCC recognizes that not all risks can or should be fully mitigated or avoided.

Enterprise Risk Management

The coordinated, ongoing application of risk management across all parts of the organization, at all levels from strategic planning to service delivery.

ERM Framework

The system of infrastructure, processes, methodology, tools, and techniques that enables a consistent, efficient, and effective approach to risk identification, assessment, and treatment.

Risk

Uncertainty related to a future event or occurrence which could prevent or impede the College from achieving its financial, strategic, and operational objectives and priorities.

Risk Appetite

The amount of risk that the College is willing to accept to achieve its objectives. The risk appetite is set by the Board of Governors.

Risk Register

A tool that links specific activities, processes, projects, or plans to a list of identified risks and results on risk analysis and evaluation and that is ultimately consolidated at the enterprise level.

Risk Tolerance

The acceptable deviation from the level set by the risk appetite to achieve specific objectives. Risk tolerance sets the boundaries of risk taking that the College will not go beyond in pursuit of its long-term objectives.

• Emergency Management (220)
• International Travel Risk and Security (207)
• Off-Campus Activity Involving Students (415)

• Risk Management Guideline for the BC Public Sector


• ISO 31:000 – Risk Management