Policy statement
The Corporation of the Town of Oakville (town) is committed to the effective management of risk at every level within the town, including any risks specified under the Municipal Act, 2001 and its regulations.
Purpose
The town is committed to embedding and integrating an explicit, proactive, sustainable and systematic approach to minimizing and managing risks that impact the town's ability to achieve its objectives.
Scope
This Policy applies to all town employees, elected officials, and local boards as deemed appropriate. Risk management will incorporate plans for Business Continuity Management, Insurance Risk Management, Emergency Management and other plans established to mitigate risk.
Definitions
Integrated Risk Management: is the process of identifying, assessing and developing management strategies to deal with events and circumstances that could impact the town's achievement of its objectives.
Impact: the outcome of an event expressed in qualitative or quantitative terms (for example operational, financial, legal, and reputational) being a loss, injury, disadvantage or gain.
Risk: is an event or circumstance having a cause or a consequence that could be either positive or negative. Risk is measured in terms of probability and impact. In the context of Integrated Risk Management for the town, Risk encompasses the following three dimensions:
- Hazard - preventing an exposure from turning into a loss,
- Uncertainty - coping with volatility and change, and
- Opportunity - harnessing opportunities to the Town's advantage.