Strategic Risk Management
The Framework aligns both to the TBS Ontario Directive on Enterprise Risk Management and the International Standards Organization ISO 31000 standard (Risk Management Guidelines, 2018). At this time, it is not a mandatory requirement of Ontario school boards by the Ministry of Education.
The Framework was developed with the participation of leadership representatives from 26 school board whose assistance enabled the Framework, tools and training to be relevant and useful to all Ontario school boards.
The Strategic Risk Management Framework for Ontario School Boards offers the following perspectives:
- Helps school boards to better understand where risk management practice is strong or requires improvement
- A school board can better anticipate and prepare for major risks and opportunities, improving operational resilience and strategic focus
- Ensures board resources are allocated where the most significant risks and opportunities in relation to strategic plan objectives more clearly
- Facilitates consistent consideration of uncertainty in relation to the multi year plan organization-wide
To assist school boards in implementing the framework in a way that fits their needs the following tools can help:
A) the Strategic Risk Management Framework setting out the expectations and how to meet them including examples from Ontario School Board peer organizations who have already begun their efforts to implement the Framework
B) SRM Roadmap and self-assessment tool to help board self assess their current risk management strengths and areas needing improvement.
Tools & Resources
- Framework for Strategic Risk Management (SRM)
- Framework Appendices
- Guidelines – Communicating Risk
- Roadmap & Self-Assessment Tool
- Policies Sample
- Risk Register Sample
- Decision Support Tool
To assist school boards and school authorities with implementing the Framework requirements, video resources and training modules indicated below.
Video Resource Modules
All modules correspond to the Strategic Risk Management Framework and appendices including examples, tools and resources.
Module 1: Governance & Leadership in Strategic Risk Management-Self-assessment/Getting Started
Provides a self assessment tool and guidance on how to understand where risk management practices are strongest currently and where improvement should be made.
https://vimeo.com/showcase/10881649/video/898588339
Module 2: Governance & Leadership in SRM-Policy Approaches/Risk Attitude and Rating
Introduces a variety of risk management policy approaches that a school board can review and adapt to their needs. This module also helps participants understand how to clarify the attitude for risk taking or risk rating approaches that boards can use to evaluate and prioritize their top risks and opportunities including examples.
https://vimeo.com/showcase/10881649/video/898595203
Module 3: SRM Implementation and Integration-Risk in Strategic Planning and Decision Making
This module provides a variety of perspectives on how to integrate risk management process into strategic planning and decision making.
https://vimeo.com/showcase/10881649/video/898658645
More Resources
Additional in-person director-level resources have been made available without charge to any Ontario school board on request to host training and orientation support.
Further support and advisory services are available to boards through OESC on a fee for service basis.