Purpose and Objectives
ERM Purpose and Objectives
The purpose of ERM activities at Stanford University is to provide a comprehensive program to proactively manage the portfolio of what leadership collectively believes are the most critical risks to the achievement of the entity’s mission and objectives.
ERM promotes an ongoing, risk-aware culture across the University to enable decision makers to perform a risk-reward analysis of choices, and make decisions with an understanding of implications of such actions while pursuing the mission and goals of Stanford University. It is not intended to be a one-time process or a prescriptive method for managing individual risks, but instead a tool for leadership to use in managing existing and emerging risks within their portfolio of activities.
The objectives of ERM include:
Identifying and assessing a broad array of risks that could negatively impact the achievement of institutional goals and objectives
Ensuring appropriate ownership and accountability of risks
Developing and implementing appropriate risk mitigation and monitoring plans by risk owners
Establishing a program structure that engages functional leaders across the campus to identify and prioritize risks
Providing senior leadership with key information to make risk-informed decisions and to effectively allocate resources