ÌÇÐÄvlog¾«Æ·

The ÌÇÐÄvlog¾«Æ· Institute of Technology and Advanced Learning (Conestoga) undertakes strategic decisions and implements business practices that expose it to different types of risks and opportunities within its institutional risk profile. As such, Conestoga is committed to implementing and enhancing an Enterprise Risk Management (ERM) program to drive effective and accountable action to ensure that risk management is a core capability and an integrated strategic tool across the institution’s key functions and processes. 

The ERM policy is a declaration of commitment by the Conestoga Board of Governors and Executive, to adopt and apply ERM practices throughout the institution. The policy sets out the ERM objectives, principles, roles, and responsibilities to ensure that the ERM program is structured, effective and consistent.

ERM Values: The Conestoga ERM program will evolve over time to conform to the standards of ERM best practices. Conestoga will continue to develop, implement, and deploy risk management tools that support the enablement of an operational culture of planning, accountability, and continuous improvement. 

Audience: This document applies to all employees, policies, property, and processes that exist at Conestoga, which are vulnerable to different types of inherent and residual risks. Such as: 

• Financial Risk
• Legal and Regulatory Risk
• Operational Risk
• Reputational Risk
• Safety Risk
• Security Risk
• Strategic Risk 

ÌÇÐÄvlog¾«Æ· maintains a glossary of terms specific to the institution. The ones in use for this document are defined below.

1. The enterprise risks covered under this policy includes those risks that impact Conestoga’s capability to achieve its strategic objectives. 
2. Conestoga does not strive to remove all current and emerging risks, rather, Conestoga will ensure that key risks are recognized and managed within an adequate risk tolerance to protect the College. 
3. Conestoga ERM Objectives: 
1. Incorporate risk management awareness and tools into the culture and strategic decision-making processes of the College; 
2. Advance Conestoga’s ability to manage risk through appropriate identification, assessment, management, reporting, and monitoring risk;
3. Sustain a common risk language and understanding across the organization; 
4. Enable Conestoga’s leadership team and Board of Governors to prioritize key risks to balance the cost of managing risk within risk appetite, and to ensure adequate resources are in place to meet Conestoga’s most critical strategic objectives; 
5. Support the Conestoga Board of Governors, the Board Governance Sub-Committee, and the Academic Coordinating Committee (ACC) with risk management practices and decision making, as required; and 
6. Anticipate, effectively plan for and respond to the changing internal and external environments.
4. ERM Principles 
1. ERM is every employee’s responsibility; 
2. ERM is an integral part of organizational processes and controls; 
3. ERM is part of strategic decision making at the institution; 
4. ERM proactively addresses risks and opportunities, to protect and create value for all Conestoga stakeholders; and 
5. ERM is dynamic and responsive to internal and external change. 
5. ERM Framework 
1. To perform effective risk management, an ERM framework and plan will: 
1. Support the management and oversight of risks across Conestoga; 
2. Enable the three lines of defense model (see appendix); 
3. Stimulate ERM sustainability and integration into Conestoga’s strategic planning, change management, and decision-making processes; and 
4. Build the foundation needed for an effective ERM implementation, including scope, roles, responsibilities, and accountabilities.