Buffalo State believes that one of the most effective components of a good Enterprise Risk Management Program is the engagement of an Enterprise Risk Management Advisory Committee (ERMAC). The President endorses the ERMAC and plays a vital role in the University’s enterprise risk management process. The committee shall meet during the fall and spring semesters and is chaired by the University’s Enterprise Risk Management Officer (ERMO). ERMAC membership comprises individuals with leadership roles across the University, including Associate Vice Presidents, Deans, and divisional Directors focused on overseeing internal control and risk management-related activities at Buffalo State.
The Committee is primarily charged with reviewing, prioritizing, and communicating risk mitigation efforts from a global perspective to develop best practices and industry standards. The Committee will work to identify and manage BSU's highest risks with the assistance of Subject Matter Experts throughout the college. They are also charged with developing and communicating ways to successfully integrate risk awareness and management into the culture and, ultimately, the strategic decision-making process. The Committee will advise the Enterprise Risk Management Officer (ERMO) on risk-related issues and concerns and recommend mitigation plans and strategies to help reduce their likelihood and impact.
Internal Control Steering Committee
Committee Composition
The ERM Advisory Committee is a standing committee chaired by a member of the President’s Cabinet. The President and divisional Vice Presidents appoint the committee members based on their leadership roles within the university and their unique experience and familiarity with internal controls, risk management, and legal and regulatory compliance. Membership will encompass a cross-section of leaders representing all major functional areas of the university.
Committee Member Term
Members serve a term of two (2) years, and their reappointment is subject to approval by the division executive and the Enterprise Risk Management Officer.
Committee Charge
- Review campus audits and management letters; communicate same to responsible parties and executive management as appropriate; review subsequent action steps, timelines, and results in the context of statutory and campus compliance; make recommendations as appropriate.
- Promote a risk-aware culture throughout the campus community.
- Work with Subject Matter Experts (SME) within the functional areas to identify, assess, and manage potential risks to the university.
- Assist the SMEs in assessing the identified risks and offer recommendations to mitigate those deemed high risk effectively.
- Provide guidance and support to the campus on risk-related matters.
- Continuously assess and monitor the risk landscape, mitigation plans, and industry trends to ensure the university proactively manages its risks.
Committee Charge 2022-2023