Managing Risk: A Framework and Reporting Cycle 2014

1. Managing Risk: A Framework and Reporting Cycle 2014

2. Outline • Purpose • What is Risk, Risk Management? • Implementation • Monitoring

3. PurposePreventing or Minimizing Risk A series of measures or processes including: • Policies and procedures to minimize exposure to risk or loss. • Staff training in risk and managing risk • Practices in place that are consistent with risk management policies and procedures. • Monitoring and reporting processes to: • assure the organization that practices are consistent with policies; • identify risks/losses that have occurred; • remediate risks/losses that have occurred.

4. Risk • Potential for damage, loss, harm or injury • Accidental or deliberate

5. Risk Management • A process • Part of an overall quality assurance system • Fundamental purpose is to establish a way to make decisions that will eliminate losses or minimize the consequences of losses. (Source: HIROC)

6. Areas of Risk • People • service users/participants • staff and volunteers • Property • building • land • furnishings & equipment (of value) • Financial Resources • funder/donor confidence • Reputation/credibility

7. Risk Management Framework Components include: • identification of areas where organization is exposed to risk/loss • assessment of the relative importance of each risk • assessment of accountability/ reporting requirements • action taken to prevent or manage these risks

8. Frequency Higher Risk

9. The Risk Management Framework l Information & practices needed to prepare for & achieve accreditation Information & practices needed for ED to provide assurances to Board as Trustee Information & practices needed to monitor & manage risks as they occur

10. The Risk Management Cycle External Reviews (every 1 to 4+ years) ED Report to Board on Compliance – monthly and annually Monthly, Quarterly & Semi-Annual Monitoring & Reporting

11. Ongoing Internal Processes • Assures that practices are consistent with policies; • Assures compliance with existing legislation (e.g., Occupational Health & Safety); • Identifies risks/losses that have occurred; • Provides the opportunity to remediate or manage risks/losses that have occurred; • Enhances the capacity to anticipate risk; • Provides basis for ED report to Board on compliance Includes: Health and safety committee in place as per legislation monthly inspections quarterly meetings annual work plan and report Risk policies in place for all areas of organization. Reviewed with staff annually during health and safety week and at orientation for all new staff Quarterly reporting of all risk issues to ED by management staff of each team

12. Internal-Executive (Executive Limitations) • Provides ED with ability to assure Board that: • assets of Corporation are protected • obligations as employer are met; • financial planning & control measures are in place & functioning • Provides ability to demonstrate that Board meets obligations as Trustee INCLUDES: Monthly reports to board include risk updates Monthly financial audit by treasurer and executive director with signed fiduciary statement Quarterly reports to board include risk summary/themes includes clinical and community program reporting Annual risk report roll-up of issues resolved and outstanding, themes, and pressures Compliance reports: M-SAA, Legislation.

13. External Review (every 4 years and annual financial audits) • Provides • external review of highest risk areas; • objective assurances to Board in these areas; • link with accreditation process.

14. Features of the Process • Involving staff, management & board • In ways appropriate to their respective roles & responsibilities • In regular monitoring and reporting • Supported by periodic external assessment