Enterprise Risk Management (ERM) refers to the methods and processes used by an organization to manage its risks and capitalize on opportunities related to its mission and strategic goals. ERM provides a framework for effective risk management.
The college recognizes that internal and external influences may occasionally interfere with its ability to meet stated strategic and operational objectives; as a result, it seeks to establish a coordinated process for identifying, evaluating, controlling, and monitoring potential risks or creating opportunities. The policy will ensure that the College can continue to manage risk from a holistic and practical lens to achieve its organizational goals and objectives and minimize unexpected challenges.
The primary aims of the ERM policy is to:
Improve the College’s capability to forecast and respond to emerging risks before they become crises.
Provide key information to aid in College strategic planning, performance management, and budgetary decisions processes.
Improve coordination across functional silos
Promote reliable reporting and monitoring across business units
Develop a risk appetite and key risk indicator criteria
Develop and facilitate working groups to identify and prioritize risks
Implement integrated campus-wide response plan which is in line with college’s strategic agenda
Development of a structured crossed departmental communication channels