Enterprise Risk Management (ERM) Program
Stakeholders are engaged to find and define risks that may positively or negatively impact the University and can be framed by thinking about topics that can potentially affect the institution’s strategic goals and objectives.
Evaluating the likelihood and impact of identified risks.
Once a risk has been identified and assessed, the most appropriate risk treatment based on the university’s risk appetite is identified. Risk treatments may include one or several of the following:
The risk and current mitigation activities are within the university’s risk appetite and will continue to be monitored for any changes.
The risk and current mitigation activities are outside the university’s risk appetite and will undergo further mitigation and control activities until the risk demonstrates improvement with a reduction in potential likelihood and severity of occurrence.
- Risk Transfer: the risk and current mitigation activities are outside the university’s risk appetite and will be transferred to a third party for additional management to lessen the burden of the likelihood and severity of occurrence.
- Risk Avoidance: the risk and current mitigation activities are outside the university’s risk appetite and will be avoided by discontinuing the activities, decreasing the likelihood and severity of occurrence.
Tracking risk trends and reporting to leadership and governance bodies.