Enterprise Risk & Assurance

Enterprise Risk & Assurance was created to integrate the previously separated Enterprise Risk Management and Internal Audit functions of the University in order to deliver greater value by coordinating these important functional areas. UBC created a new Chief Assurance and Risk Officer (CARO) position to oversee this new unit and provide the leadership to build a best-in-class integrated enterprise risk and assurance function that would serve as a strategic partner to management and support the Board of Governors in fulfilling their risk oversight responsibilities.

As part of the transformational journey to build a best-in-class unit, the scope and nature of the internal audit function has expanded from a traditional department primarily focusing on financial risks, to a risk-based progressive function covering a large spectrum of risks and key strategic initiatives. The internal audit function has been renamed to “Internal Assurance” to reflect its broadened and elevated mandate; however, the discipline of internal audit remains embedded into all of our assurance activities.

Enterprise Risk & Assurance is staffed by a team of highly-skilled and certified risk, assurance and administrative professionals. The CARO reports to the VP Finance & Operations and the Board of Governors’ Audit Committee.