Risk is uncertainty, caused by internal and/or external factors with the potential to impact (either positively or negatively) UC’s ability to achieve its Strategic Direction. Enterprise Risk Management is simply a process to deal with that uncertainty, comprised of four (4) major steps:
1. Risk Identification
2. Risk Analysis/Evaluation
3. Risk Treatment
4. Risk Monitoring
Managing risk is part of all activities associated with the university, and affects every department/unit and person. In that way, we consider Everyone a Risk Manager!
BENEFITS OF ERM
- ERM prioritizes response and action to the risks that have the most impact on the university and its mission. The mitigation of these risks saves money, time, reputation and lives.
- ERM is a cyclical process that continuously improves the university’s management of current and emerging risks.
- ERM engages the entire university and promotes communication across departments.
- What keeps you up at night? What gets you up in the morning?” ERM helps address these questions and provides peace of mind.
Managing risk is an integral part of governance and assists the university in setting strategy, achieving objectives and making informed decisions. UC’s leadership has shown tremendous support for the ERM program: