The Enterprise Risk Management (ERM) program aims to integrate risk management considerations into university operations, academic initiatives, and research development, promoting a culture of resilience and proactive risk mitigation.
This program takes a comprehensive, university-wide approach that involves every department and function, including academic operations, administration, and information technology (IT). All areas are required to participate in identifying and managing risks. ERM addresses all business risk types —strategic, financial, operational, Compliance, and reputational—providing a holistic view of potential impacts on the institution. Additionally, ERM aligns risk management with the University's overall strategy, ensuring that it is integrated into pursuing long-term goals.
ERM is not confined to a single function or department; rather, it extends throughout the entire institution.
Business Risk Types
- Strategic Risks: Affect the University's ability to achieve its long-term goals. Impact individual colleges or departments that are crucial for meeting strategic objectives.
- Operational Risks: Disrupt the processes and systems essential for the University's smooth operation.
- Financial Risks: Embodies the potential for financial loss that could significantly undermine the University's strategic objectives.
- Reputational Risks: Any event, action, or failure to act related to Case Western Reserve University that has the potential to harm the institution's reputation or be viewed unfavorably.