Enterprise Risk Management (ERM)
The Enterprise Risk Management (ERM) function (“ERM Office”) is part of the Office of the Chief Risk Officer and is led by the University’s Chief Risk Officer. The ERM Office coordinates the University’s enterprise risk management efforts. It provides a framework and processes for the identification, assessment, mitigation and monitoring of risks to the achievement of the University’s mission and goals.
Enterprise Risk Management (ERM) is a continuous business process, led by senior leadership, that extends the concepts of risk management and includes:
Identifying risks across the entire enterprise;
Assessing the impact of risks to the operations and mission;
Developing and implementing response or mitigation plans; and
Monitoring the identified risks, holding the risk owner accountable, and consistently scanning for emerging risks.
Adopted From: Risk Management – An Accountability Guide for University and College Boards. 2013 Association of Governing Boards of Universities and Colleges