Enterprise Risk Management (ERM) refers to the methods and processes an organization uses to manage its risks and capitalize on opportunities related to its mission and strategic goals. It provides a framework for effective risk management.
The university 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 University 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 are to:
- Improve the University’s capability to forecast and respond to emerging risks before they become crises;
- Provide key information to aid in university strategic planning, performance management, and budgetary decision 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 an integrated campus-wide response plan that is in line with the university’s strategic agenda; and
- Development of structured cross-departmental communication channels.