The ERM program aims to embed risk management considerations into university operations, academic initiatives, and research growth, fostering a culture of resilience and proactive risk mitigation.
Taking a comprehensive and university-wide approach involving every department and function, including academic operations, administration, and IT. All areas must participate in identifying and managing risks. ERM encompasses all types of risks—strategic, financial, operational, compliance, and reputational—providing a holistic view of potential impacts on the institution. Importantly, ERM aligns risk management with the university's overall strategy, integrating risk management into the pursuit of long-term goals.
ERM is not limited to a single function or department but extends throughout the entire institution:
Risk Types
- Strategic Risks: Affect the university's ability to achieve its long-term goals.
- Business Unit Risks: 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.
- Risk Management Actions: Represent practical responses to identified risks, ensuring continuity and resilience at every level.