PRE-CONFERENCE SEMINARS
SATURDAY, JUNE 13
Please register separately for these seminars on the CAUBO conference registration form.
Pre-conference sessions will be held at the The Westin Ottawa
Stu Budden Treasury and Investment Seminar
Treasury and Investment Breakfast
7:30 a.m. – 8:30 a.m.
Provinces I, The Westin Ottawa
Stu Budden Treasury and Investment seminar
8:30 a.m. – 4:30 p.m.
Provinces II, The Westin Ottawa
The member’s of the CAUBO Treasury and Investment Committee are pleased to host the annual Stu Budden Treasury and Investment Seminar. The seminar was developed around the theme of risk management. The day will be rounded out with a closed session where the results of the annual CAUBO Investment Survey are presented.
Economic Outlook
Avery Shenfeld, Senior Economist, CIBC World Markets Inc.
To begin the day, Avery Shenfeld will present and economic review and forecast for the upcoming year.
Risk Management Part 1: Asset Liability Modelling
William G. MacLean,CIMA, FCSI,Vice-President, Aon Consulting Inc.
How is it possible that you are beating your benchmarks but still having to make extra payments to fund your pension plan or endowment obligations? Is it possible your benchmarks are not properly aligned with your liabilities? Come to this session and find out about the ever increasing importance of understanding the liability side of the equation and how to establish an asset mix capable of funding those liabilities.
Risk Management Part 2: Risk Budgeting
William G. MacLean,CIMA, FCSI, Vice-President, Aon Consulting Inc.
This session is an extension of the previous section on Asset Liability Modelling. Now that you understand your liabilities and have seen the various asset mix that will achieve your objectives you need to assess the risk involved with asset selection. Is standard deviation still a valid measure? Do you know what your institutions risk appetite is? What are the specific risks with your portfolio i.e. is there liquidity risk? This session will teach you how to determine the risk metrics involved with your portfolio and give you some ideas on how to mitigate these risks.
Designing Portfolios for Turbulent Times
Janet Rabovsky, Investment Consulting Practice Leader, Watson Wyatt
Diversification across asset classes is one of the fundamental tenets of modern portfolio theory. Yet, during the financial crisis of 2008/09, correlations among asset classes rose, and most investments declined. What are the implications of this rise in correlations for asset allocation – is this a permanent change? Is there a different or more robust way to design an “all weather” portfolio? This session will consider whether traditional portfolio diversification theory still holds and look at the factors that universities should consider as they try to manage their investments through turbulent times and diverse market conditions.
Fixed Income: Beyond Vanilla Fixed Income Strategies
Jamie Colliver, Partner and Senior Vice-President, Integra Capital Management Corp
Stacy Johnson, Principal Global Investors
Many endowment and employee benefit funds, have been searching for fixed income alternatives to the broad domestic Canadian bond index market. Why? For some it is to enhance yield and overall return as interest rates have remained persistently low – in fact have continued to decrease. For others, it was to find investments with maturity and/or duration characteristics that better match the underlying obligations of their funds, whether an endowment support requirement or an employee benefit obligation. This possibly meant looking for inflation-linked and/or long duration instruments. However, many investors discovered that instruments with such characteristics were of limited supply in the Canadian market and in many cases quite expensive.
Are there other opportunities to help manage the risk of the underlying fund obligations other than with the standard Canadian bond allocations aligned with desired benchmarks? In venturing outside of domestic bonds, are investors exposing themselves to new and different risks? What about currency risks? Leverage? Credit risks? Counter-party risks? Liquidity risks?
Following a period where risk was not properly assessed, priced or compensated, is it possible for the plan manager to better match the underlying fund obligation and achieve enhanced risk-adjusted returns? If considering alternative approaches, how does the fund manager properly identify and access, and then subsequently manage the various types of risk?
CAUBO Endowment and Pension Investment Survey 2008 (Closed Session – University participants only)
Anthony T. Lennie, Director of Finance, Victoria University in the University of Toronto
Highlights of the endowment and pension survey will be presented. The presentation will provide a high level overview of both endowment and pension funds in the past year. Attendees will be given the detailed summary report to take back home for further analysis and discussion.
Human Resources Seminar
8:00 a.m. – 8:30 a.m. Continental Breakfast
8:30 a.m. – 4:00 p.m. Seminar
Les Saisons, The Westin Ottawa
Universities and colleges are essentially about people and their ability to meet the needs of the organization and contribute to the achievement of its objectives. This year’s Human Resources Seminar addresses squarely the issue of people development: from staff mentorship programs, to leadership in academic administration, and finally, to a unique program in human resources advising. All of these programs have in common: the development of people to meet an increasingly complex environment.
Talent Management at the University of Toronto
Rosie Parnass, Director, Organizational Development & Learning, University of Toronto
Christina Sass-Kortsak, Assistant Vice-President, Human Resources, University of Toronto
The Association for Training and Development defines talent management as an organizational approach to leading people by building culture, engagement, capability and capacity through integrated talent acquisition, development and deployment processes that are aligned to business goals. The presentation will provide an overview of University of Toronto’s developing approach to talent management for administrative staff. A focus will be placed on the university’s well-established and successful leadership mentoring program and its newer and evolving succession planning program.
The Importance of Academic Leadership Programs: The Experience of Two Universities
Jacques Barrette, full professor, Director for the Centre for Academic Leadership, University of Ottawa
Julie Stockton, Director, Organizational Development and Learning, The University of British Columbia
Fran Watters, Director, Faculty Relations, The University of British Columbia
Department heads and Associate Deans play critical roles in the management and leadership of academic units. For that reason, universities are developing programs to provide individuals in these positions with some basic management tools and techniques to carry out their functions as well as an understanding of their leadership role in contributing more effectively to the development and advancement of their units’ goals and objectives. Two universities will describe the driving force for Academic Leadership Programs, how they were developed, their experience, and the benefits and challenges encountered along the journey with a view to helping other universities think about their own academic leadership needs.
HR Advisors: Developing Strategic Partners in an Evolving World-Class University
Anna Campana, Human Resources Advisor, Faculty of Science, McGill University
Lynne B. Gervais, Associate Vice-Principal, Human Resources, McGill University
Johanne Houle, Director, Organizational Development, McGill University
Josephine Leake, Director, Human Resources Advisors, McGill University
Beverley Patwell, President, Patwell Consulting Inc.
In a competitive world-class university, it is critical to have Human Resource Advisors throughout the institution that concretely understand the strategic priorities at hand and are able to provide support to internal clients as they strive to meet major systemic objectives. Managing continuous change “front line and center” requires a whole new set of skills and attributes, in addition to HR technical knowhow.
During the 2008/2009 academic year, HR advisors from across McGill University participated in an innovative developmental program, working together to build a solid community of practitioners linked by a new HR vision and model. This dynamic program brought the participants face-to-face with internationally renowned change agents and provided them with the confidence, knowledge and tools to be strategic partners in times of major change. HR Advisors engaged in interactive learning in classroom settings, in learning clusters with peers, with individual coaching, through group self-coaching modules and by undertaking invaluable developmental projects.
The presenters will outline how this successful program resulted in strengthened personal efficacy, credibility and influence; more client-centered services adapted to the evolving needs of the units; development of an HR/change agent tool kit that will facilitate continuous learning and adaptability; and finally, the ability to implement systemic change.
Learn about the collaborative initiatives behind the development of this transformative program. Find out about how these HR Advisors serve as agents of change, today, helping to eliminate silos and to promote the continuous development of engaged individuals and work teams. McGill’s HR Advisor Development program is a model example of Human Resources strategically partnering with diverse and decentralized units in a university, in service of lasting systemic change.
Procurement Seminar
8:00 a.m. – 8:30 a.m. Continental Breakfast
8:30 a.m. – 4:30 p.m. Seminar
Newfoundland & Nova Scotia Rooms, The Westin Ottawa
The procurement process has become increasingly complex with interprovincial trade legislation, imports and exports requirements, and industry consolidation that are making participation by small and medium suppliers increasingly difficult. Today’s procurement professional must be prepared to face all of these challenges; this program will provide you with some insights and options to consider.
Alternatives to RFPs for the Selection of Professional Services
Cal Harrison, President, Beyond Referrals
The Request for Proposal process works well for goods and commodities – but is it appropriate for the selection of professional service providers such as consultants, lawyers, engineers, architects, IT, and marketing communications firms? Research suggests it is not.
Many procurement professionals remain unaware of the true costs and risks of using a Request for Proposal (RFP) process to purchase professional services.
While it appears to be a comprehensive process to objectively evaluate vendors, it is increasingly viewed as an unsophisticated tool that raises costs and results in low quality selection decisions. Recent research from subject matter experts Chris Jones MBA, FCMC and Alex Zhykharyev, Ph.D. support this and will be discussed in the session.
First university inspection by CBSA: The McGill Experience
Anna Gentile, Buyer, McGill University
Kathy Zendehbad, Associate Director, Purchasing Services, McGill University
Universities have been preparing and expecting an inspection by Canadian Border Services Agency (CBSA) for some time. The lucky university was McGill University which represented the sector very well. McGill was well prepared and came through without too much difficulty. The presenters will explain how McGill had addressed customs compliance in recent years and how it prepared for the actual inspection. They will provide an insider’s view of the CBSA process, their findings, and lessons learned.
The importance of Small and Medium Enterprises and How to Facilitate their Participation in an Increasingly Regulated Procurement Process
Christian Laverdure, Director, Policy, Office of Small and Medium Enterprises, Public Works Canada
The bidding process is considered as one of many mechanisms that best ensures public accountability. However, the bidding process in a world of large global companies is making it increasingly difficult for small and medium enterprises to access large contracts in government and in broader public institutions like universities. Yet these same small and medium enterprises are critical to a healthy competitive marketplace and to building a sustainable future. Public Works and Government Services Canada (PWGSC) has widely consulted with such enterprises across Canada and have identified a number of barriers to accessing public sector contacts. PWGSC will discuss how they are working to eliminate some of these barriers. Discussion will also take place on the balancing act between a purchaser’s need to reduce acquisition costs and economic development considerations when doing business with small and medium enterprises. The information developed by Public Works and Government Services Canada can apply to any public sector organizations, including universities.
Internal Audit Seminar
8:00 a.m. – 8:30 a.m. Continental Breakfast
8:30 a.m. – 4:30 p.m. Seminar
Alberta Room, The Westin Ottawa
Universities and colleges, like many organizations, are called upon to demonstrate how well they assess and manage enterprise risks. Internal Auditors play a critical role in the enterprise’s risk management strategy. Bringing an objective eye to the organization’s programs, internal auditors are an important part of any organization’s risk management framework.This year’s seminar focuses on the role of Internal Audit relative to various institutional risks: emergencies, institutional controls and policies, and fraud. Participants will also have the opportunity to explore ways of marketing the role of Internal Audit within the university and finally, to exchange among colleagues on issues of current interest or concern.
Emergency Management and Business Continuity Planning: An Internal Audit Perspective
Chad Schulz, Internal Audit Services, University of Alberta
Emergency management and business continuity plans are becoming increasingly important in both the public and private sectors. The complex nature of the post secondary environment requires significant planning and preparation to ensure that the institution is capable of dealing with a variety of risks and potential threats. Internal audit groups can take an active role in the creation of these plans using published standards to evaluate the program established by the institution to develop and maintain the plans.
The session will concentrate on providing general information regarding available North American standards including those issued by the National Fire Protection Agency and the Canadian Standards Association. It will provide a discussion on how the standards can be used to develop a comprehensive audit to evaluate the programs and plans in place at your institution. Pitfalls and areas to avoid will also be discussed during the presentation.
Continuous Audit Programs: Providing an Effective and Ongoing Assessment of Controls
Scott Jardin, Associate Director, Internal Audit, McGill University
The ongoing monitoring of different transaction streams provides an efficient way to evaluate the effectiveness of institutional controls and policies. The Continuous Audit process uses sound sampling techniques and database mining to add significant value to any organization.
In today’s dynamic environment, internal audit teams are often faced with overwhelming expectations to identify areas of risk, provide ongoing assurance of the effectiveness of institutional controls and to identify non-compliant transactions in a timely manner. The Continuous Audit Programs provide a solid framework for dealing with these expectations. In addition, it contributes to a number of other department needs such as identification of risks to be considered in regular department audits. These programs allow internal audit teams to gain exposure across the entire organization even when resources are limited.
The presentation will describe the Continuous Audit process and the transaction streams that McGill University presently audits. It will discuss how data is analyzed to identify areas of risk for further scrutiny, as well as identify the various benefits that a fully implemented Continuous Audit process can provide.
Marketing Internal Audit
Luc Lavoie, Executive Director, Institute of Internal Auditors of Canada (IIA)
It is widely accepted that internal auditors suffer from image problems within the organizations they serve. Whether real or perceived, the problem is often exacerbated by a lack of comfort and experience with promoting the internal audit function. What then can internal auditors do? Become marketing experts, hire marketing experts or do nothing. Today more than ever, internal auditors need to promote the function and continually emphasize the value-add to our organization’s key stakeholders. This session will provide you with some effective tips and tools to promote internal auditing in your organization.
Reputations at Risk Workshop: Undertaking a Fraud Risk Assessment
Linda Lister, Forensic Practice, Ernst & Young
Our institutions and their key stakeholders, including the Internal Auditors, are at risk everyday of being viewed as incompetent as a result of a high profile, headline grabbing fraud. The impact of trust on an institution’s ability to recruit top faculty and students, secure government funding and solicit alumni donations is immeasurable.
Managing and mitigating fraud risk in our unique environment is complicated by a culture built on trust, honesty and collegiality and limited resources. As professionals, however, we are responsible for meeting IIA standard 2120.A2 that states “The internal audit activity must evaluate the potential for the occurrence of fraud and how the organization manages fraud risk.”
In this “hands on” session, you will engage in the steps required to carry out a fraud risk assessment in the Canadian higher education environment. As a group, you will brainstorm the areas most susceptible to fraud in our institutions, assess the impact and probability of the risk of fraud occurring and identify priority areas to be addressed.
You will come away from this session with the practical knowledge required to carry out an assessment of the potential fraud risk exposure in your institution. Your knowledge will be enhanced with valuable insight from your colleagues who will share “real life” examples of fraud they have experienced in the Canadian higher education environment. You will also learn of practical tools, publicly available, such as sample codes of conduct and sample fraud policies that will be useful as you assist your institution in building a fraud aware environment that prevents and detects fraudulent activity.
The afternoon will also consist of closed roundtable discussions that will provide an opportunity for delegates to discuss issues and concerns and to share experiences related to internal audit issues with colleagues from other Canadian educational institutions.
Facilities Management Seminar
8:00 a.m. – 8:30 a.m. Continental Breakfast
8:30 a.m. – 4:30 p.m. Seminar
Québec Room, The Westin Ottawa
Universities and colleges have long made the case that more funding is required to address deferred maintenance and facilities renewal needs. This year’s seminar will provide participants with planning perspectives that will assist you and your institution in avoiding the build up of deferred maintenance and will help you manage the current accumulation in a way that limits institutional risks. Similarly you will consider how setting targets and measuring performance can drive better decision-making.
Buildings: The Gifts that Keep on Taking - A Framework for Integrated Decision Making
Terry W. Rupretch, Director of Energy Conservation, University of Illinois
Decision makers at all levels of the institution are increasingly concerned about their inability to control both the initial and long-term costs of facilities. Inadequate funding for maintenance, deterioration of the basic infrastructure of the facilities, and the increasing demands of technology exacerbate these concerns.
APPA recently completed a research project the purpose of which was to examine executive-level decision-making regarding facilities. What are the most basic questions that policy makers ask before investing in facilities? What factors influence those decisions? To what extent do these decisions rely on metrics or facilities planning and management models? What can facilities directors and professionals do to help policy makers make better decisions about what and when to build or renovate and how to acquire and spend resources on facilities? The study resulted in the book entitled
“Buildings: The Gifts That Keep on Taking - A Framework for Integrated Decision Making”. Terry Ruprecht, a co-principal investigator and co-author of this book will present and discuss the major findings and conclusions of this study. He will address:
- The need to gain more control over initial and long-term costs
- The need to improve the predictability of desired outcomes
- A rational basis for determining strategic priorities
- A clear and effective asset investment strategy
- Improved accountability to stakeholders
- Attracting support and resources for facilities, including new construction, renovations, maintenance, and renewal
Outcomes-Based Planning: Challenges, Benefits and Results of Outcomes-Based Planning in Three Canadian Universities
Julia M. Jones, Director of Administration, Facilities Management Section, University of Saskatchewan
Hugh Warren, Director of Infrastructure, Department of Infrastructure and Planning, University of Alberta
Speaker to be announced, University of Prince Edward Island
There are many challenges associated with implementing outcomes-based planning in an Institutional setting and many benefits as well. The panel for this discussion is comprised of three senior facilities managers from each of the following universities; University of Alberta, University of Prince Edward Island and University of Saskatchewan. Each will provide an overview of the institutional challenges and opportunities, objectives, benefits and lessons learned in their experience with outcomes-based planning.
Each institution is at a different stage of implementation with many similar issues, yet also has their own unique approaches, performance indicators, desired outcomes and political, economic and internal influences that have shaped their programs, processes and goals.
If you are contemplating outcomes-based planning, or currently have a similar program, you can draw from these experiences to validate your own models or create them if you are in the early stages of working with this tool.
Outcomes-based planning encourages accountability and provides a consistent direction for departments to work towards together to achieve the goals of the Portfolio and ultimately the Institution. Find out how it has brought silos together and is shifting the culture of Canadian Universities.
Sustainability Rating Systems: How Well do they Work for a University Campus? Which Systems should we Use?
Darryl Boyce, Assistant Vice-President, Facilities Management and Planning, Carleton University
There are numerous ways to rate the sustainability of new and existing facilities. Darryl Boyce will lead a discussion on the strengths and weaknesses of the various systems and selecting a system that suits your environment. In addition he will facilitate a discussion on the possible creation of a “university campus” facility sustainability rating system for Canada.
Assessing and Prioritizing an Institution’s Facilities Renewal Needs and Projects on the Basis of Risk Management Principles
Bob Carter, Assistant Vice-President, Physical Resources, University of Guelph
Many organizations face constraints in capital funding and human resources which result in deferred maintenance and renewal backlogs. In this presentation, Bob Carter will outline the process that the University of Guelph employs to manage risk by analyzing and prioritizing its deferred maintenance and renewal requirements based on the risk management principles of frequency, severity, and cost. He will also discuss Guelph's management strategy for its ten-year rolling capital renewal plan.
Finance Seminar
8:00 a.m. – 8:30 a.m. Continental Breakfast
8:30 a.m. – 4:30 p.m. Seminar
Governor General I, The Westin Ottawa
Financial professionals in higher education face difficult challenges ahead. With financial constraints, high investment risks and a changing accounting environment, the year ahead promises to bring major challenges for financial professionals everywhere. New Zealand is ahead of Canada in adopting the International Financial Reporting Standards (IFRS) and in applying standard financial ratio analysis to universities. The New Zealand experience, both in resource allocation and accounting practices, couldn’t be more timely for financial professionals in Canadian universities. The same considerations make a discussion about the evolving role of CFO’s absolutely timely and relevant.
Accountability and a Resources Allocation Model from New Zealand
John Patrick, Chief Operating Officer and Chief Financial Officer, University of Otago
The government of New Zealand has introduced a fiscal accountability environment which includes, among other measures, financial ratio analyses and “no deficits” legislation. New Zealand universities have also adopted and implemented IFRS. John Patrick will present New Zealand’s fiscal accountability environment and the risk-based approach used by the government to monitor financial viability. He will explore how the University of Otago has managed to thrive and be autonomous with this level of accountability. He will also present the University of Otago’s resource allocation model which fully charges out the cost of services, space and internal commercial activities to its Academic divisions. While providing a financial/budget management perspective, and identifying barriers, lessons learned, and plans for future improvements, he will also consider the implications for research initiatives and growth.
The Changing Role of the CFO
Lucie Mercier-Gauthier, Associate Vice-President, Financial Resources, University of Ottawa
Charles Perron, Partner, Deloitte
CFO’s in our institutions are responsible for a variety of portfolios. However, there are core strategic and stewardship responsibilities that CFO’s must ensure are dealt with in their own institutions. The presentation will demonstrate the University of Ottawa’s experience with using the CFO framework to identify the core strategic and stewardship responsibilities as well as challenges that CFO’s face today.
Future of Financial Reporting for Universities and Colleges
Martin Coutts, Director, Finance and Supply Management Services, University of Alberta
Matthew Nowakowski, Director, Financial Services, Université de Montréal
Marilyn Stitt, Partner, IFRS Advisory Practice, KPMG LLP
This session will provide important information and guidance on the future of financial reporting for Universities and Colleges in Canada.
The primary focus of the session will be a presentation and discussion on the Joint Invitation to Comment on ‘Financial Reporting by Not-for-Profit Organizations’, issued in January 2009 by the Accounting Standards Board (AcSB) and the Public Sector Accounting Board (PSAB).
The Joint Invitation to Comment addresses different options for financial reporting by Not-for-Profit Organizations (NPOs), including International Financial Reporting Standards (IFRSs), private enterprise standards being developed by the AcSB, and public sector standards. An important consideration in the discussion and evaluation of the different options is whether or not an NPO is considered part of the public sector. This distinction is critical for Universities and Colleges across Canada because different provincial jurisdictions have different views on whether Universities and Colleges operate within or outside the public sector (i.e. the government reporting entity).
This session will be of great interest to all those financial officers involved in accounting and financial reporting, as crucial questions are being asked and issues raised about how accounting standards will deal with the special needs of NPOs in general and Universities and Colleges in particular.
Environmental Health and Safety Seminar
8:00 a.m. – 8:30 a.m. Continental Breakfast
8:30 a.m. – 4:30 p.m. Seminar
Governor General II,The Westin Ottawa
The environmental, health and safety environment in universities has become highly complex. Yet making the case for new policies and procedures or for necessary funding to support these activities is not always easy – institutions would much prefer to limit regulation where possible and to invest in academic programs and student support first. During this one-day workshop you will be provided with the tools, skills and insights to make your case for effectively. David E. Downs will facilitate this full day session.
Making the Business Case for Positive Change
David E. Downs, President, EHS Management Partners
In these challenging economic times, the need for a clear and compelling case statement for Environment, Health and Safety (EHS) initiatives is stronger than ever. Participants will be introduced to the concept of “creative dissatisfaction” and how it can be used, with other components, to drive positive change. Participants will use “Self-Assessment”, one of several possible techniques for uncovering dissatisfaction with the current status, in a class room exercise to identify potential EHS initiatives. Based on the initiative selected, each work group in the class will practice developing "SMART" objectives to describe what improvements will be achieved. Then the groups will develop a project plan, using the EHS Strategy Map tools, which are based on the Balanced Scorecard concepts. Participants will learn how to use financial analysis tools, such as Net Present Value (NPV) and Return on Investment (ROI) to further fine tune their approach and demonstrate the value of EHS initiative. The workshop will be "hands-on", with each work group provided with the computer-based tools to work through their selected EHS initiative and present their materials at the end of each exercise. Each workshop member will leave with a CD containing the tools.
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