ERM Program Cycle

Explore the key steps listed below that are involved in identifying, evaluating, and mitigating institutional risks. This process ensures continuous proactive management of potential threats to our success.

The below diagram image and list outline the cyclical Enterprise Risk Management (ERM) Program process.

1. Initiate ERM Risk Assessment

   This is the starting point of the cyclical process, where the identification and evaluation of potential risks begins.

2. Institutional Risks Identified for for Next FY

   Key institutional risks are selected for focused attention in the coming fiscal year.

3. Institutional Risks Matched with Board of Trustee Committees, & University Staff

   Identified risks are assigned to relevant committees (BOT Committees and University Staff) based on their expertise.

4. Board Office Collects Input

   The Board Office collects insights and feedback from the assigned committees and staff on their assigned risks.

5. Risk Council & University Compliance Committee (UCC) Input

   The Risk Council and UCC provide their expert assessment and recommendations on all identified risks, considering the input from Step Four.

6. Joint Risk & UCC Review Discussion

   These committees then hold a joint discussion to analyze all risks comprehensively, considering all available information.

7. Continuous Process

   This ERM risk assessment is an ongoing process. Following the joint discussion and finalization of conclusions, the cycle recommences with a new risk assessment initiation in the first step.