Overview

Reporting to the Vice-President, Administration and Finance, the Chief Risk Officer is a senior leadership role at the University. They provide leadership and direction in the development, implementation, and maintenance of an integrated risk management framework to identify, assess and mitigate the University’s risks and is responsible for contracting, managing, and implementing insurance policies across the university ensuring gaps in coverage are addressed and claims are appropriately managed. The Chief Risk Officer will oversee the compliance status and risk exposure for the Institution and will provide strategic coordination for the Emergency Planning Group to assist with emergency response planning working to protect people and university property while ensuring business continuity planning. In collaboration with Safety and Security Directors, the Chief Risk Officer acts as a resource to University Administration, advising on best practices relating to risk mitigation, insurance, and compliance related cases (working with the faculties and Academic Support Units).

Responsibilities

Risk management

• Responsible for the leadership, innovation, governance, and management necessary to identify, evaluate, mitigate, and monitor the institution’s operational and strategic risks
• Collaborate with cross-functional teams to enhance risk management practices and ensure risk awareness is continually embedded through the institution
• Responsible for establishing and maintaining an Enterprise Risk Management framework to help facilitate risk-based decision making and manage potential risks
• Formulate and oversee the enhancement, control, assessment, and maintenance of polices related to Risk, Compliance, and Insurance (Safety and Security), in particular Policy 11 and the Statutory Compliance Statement and related guidelines and procedures
• Design and implement an overall risk management process for the organization, which includes an analysis of the financial impact on the institution when incidents occur
• Responsible for preparing risk management and insurance budgets
• Create business continuity plans to limit risk to the institution and provide ongoing reporting on the outcomes and status of various audits
• Work with all departments (faculties and Academic Support Units) to ensure a strong understanding of their ongoing risks as well as the identification of emerging institutional risks
• Guide departments and leadership to determine effective mitigation strategies through various means such as risk assessment, risk appetite discussions, mitigation techniques and escalation procedures
• Provide reports to the Audit & Risk Committee on risk management mitigation plans as well as the top strategic risks impacting the institution
• Manage/educate faculty and staff in day-to-day performance of risk management duties, inclusive of training, goal setting, and performance reviews
• Design and execute training sessions to ensure that every employee is well-informed about their role in relation to risk management in relation to their respective portfolios.

Internal audit collaboration

• Establish appropriate policies and procedures to ensure the quality of services delivered by external parties and consultants
• Collaborate with the internal audit resources to provide regular reports to senior University leadership on the results of audit and consulting engagements
• Project management to ensure the Enterprise Risk Management program is integrated into the internal audit plan to ensure the institutions most critical exposures are being reviewed

Insurance management

• Lead the insurance management resources to ensure that insurance coverage is in place for ongoing and emerging risks including property and liability exposures
• Ensure negotiation for insurance terms and conditions occurs an annual basis with appropriate communication to senior management and board committees.
• Manage and ensure compliance with the insurance budget including preparation of reports and presentations to the university leadership and Board of Governors
• Conduct needs assessments and arrange for special policy coverages for capital construction projects and miscellaneous property and activities as required by universities guidelines

Compliance

• Lead the University’s compliance program to ensure that compliance requirements are appropriately documented, reviewed, approved, and reported
• Provide guidance on compliance recommendations for new or emerging compliance requirements
• Reporting of compliance initiatives and tracking of alignment with compliance requirements on an agreed upon basis
• Promote best-practice risk management principles and practices with senior management, Deans, Charis, Faculty, and staff

Qualifications

• University degree in Accounting/Business Administration/Law/Risk Management or a related field
• Postgraduate degree would be an asset
• Certified Risk Management (CRM); along with courses through the Insurance Institute of Canada for the designation of Canadian Insurance Professional (CIP) would be an asset
• 10 years of combined experience in auditing internal controls and/or risk management function and progressive senior leadership
• Experience in a university setting and multi-unionized environment is preferred
• Change management experience with an ability to embrace and champion change and drive collaboration
• Comprehensive knowledge of business practices and processes, internal control concepts, governance and computerized systems
• Advanced level of university acumen and capable of understanding the implications of and leading a risk management culture along with significant change
• Ability to advise executives and the Board, collaborate with operational business leaders to identify risk, recommend opportunities to strengthen risk mitigations and communication with all levels of management and external stakeholders such as regulators
• Thorough knowledge of the practice of enterprise risk management and insurance policies typical of higher education institutions
• Experience supervising internal audit staff and external consultants
• Excellent quantitative and analytical skills, and ability to apply across a variety of business processes
• Ability to interpret and apply complex legislation, regulations, policies and technical information
• Demonstrated expertise in leadership development and group facilitation related to risk management

Equity Statement

The University of Waterloo acknowledges that much of our work takes place on the traditional territory of the Neutral, Anishinaabeg and Haudenosaunee peoples. Our main campus is situated on the Haldimand Tract, the land granted to the Six Nations that includes six miles on each side of the Grand River. Our active work toward reconciliation takes place across our campuses through research, learning, teaching, and community building, and is co-ordinated within our Office of Indigenous Relations.

The University values the diverse and intersectional identities of its students, faculty, and staff. The University regards equity and diversity as an integral part of academic excellence and is committed to accessibility for all employees. The University of Waterloo seeks applicants who embrace our values of equity, anti-racism and inclusion. As such, we encourage applications from candidates who have been historically disadvantaged and marginalized, including applicants who identify as First Nations, Métis and/or Inuk (Inuit), Black, racialized, a person with a disability, women and/or 2SLGBTQ+.

All qualified candidates are encouraged to apply; however, Canadians and permanent residents will be given priority.

The University of Waterloo is committed to accessibility for persons with disabilities. If you have any application, interview, or workplace accommodation requests, please contact Human Resources at hrhelp@uwaterloo.ca or 519-888-4567, ext. 45935.