Finance & Business: Enterprise Risk Management

Enterprise Risk Management



In an attempt to identify and manage risks to the University before problems arise, Finance & Business is taking a proactive approach to enterprise risk management. This new initiative focuses on ways to deal with risks proactively and recognize the ramifications of these risks within Finance & Business and throughout the University. Often, people only think of insurance and liability risks, but Finance & Business is working to broaden its definition of risk—including the financial and reputational risks to the University—with the goal of staying ahead of the curve and serving as the benchmark for all units at the University to follow when dealing with potential risks.

A manager for this initiative was named in 2004, and a team of individuals from units throughout Finance & Business and across the University will be put into place.

Vision
Create a risk-aware culture that focuses on educating its members about risks within the University, allowing the University to identify risks and make plans to avoid material impact on finances and operations while encouraging the acceptance of manageable risks.

Goals
Goal 1. Review best practices both at other higher education operations and within private industry.
Goal 2. Build from ongoing efforts across the University to manage risks.
Goal 3. Identify key exposures that are not currently being adequately addressed.
Goal 4. Work with units to implement improved plans to deal with risks.

In addition to these specific goals, the University Risk Officer will consult with the Senior Vice President for Finance & Business/Treasurer, Provost, and Corporate Controller in matters of University-wide strategic issues and other top-level policy/procedures.

To learn more about the Enterprise Risk Management initiative, contact Gary Langsdale, Key Initiative Manager, at 814-865-6307.
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