University-wide Risk Management Program
To integrate an enterprise-wide risk management (ERM) process within the University designed to identify and assess risk management strategies used to provide reasonable assurance regarding achievement of the University’s objectives.
Senior Management Commitment
One of the eight interrelated COSO (Committee of Sponsoring Organizations) ERM
framework components is the internal environment. Support of ERM from top
executives promotes a strong internal environment that consists of management’s
philosophy and operating style; established culture of integrity, strong ethical
values, and competent employees.
President’s 2009 Enterprise Risk Management Memorandum
SAP 03.01.01.M0.01 – Enterprise Risk Management
What is University-wide risk management?
University-wide risk management is an enterprise risk management (ERM) process applied in strategy setting across the University, and is designed to identify potential events that may affect the entity and to manage risks to be within the entity's risk appetite so as to provide reasonable assurance regarding the achievement of the entity’s objectives. More...
What is risk?
A risk is any event or action that adversely impacts the University’s ability to achieve its objectives. For the purposes of ERM, risk can be found in six categories:
- Reputational More...
What is the ERM process?
The ERM process consists of:
- Identifying major activities, processes, and functions after reviewing missions, goals, and objectives.
- Identifying and assessing risks and building risk portfolios.
- Identifying risk mitigation strategies.
- Reviewing the monitoring and executive management reporting.
- Performing status/follow-up reviews. More...
Last Updated on August 2009