Enterprise Risk Management

Areas of Risk

• Operational
• Financial
• Strategic
• Reputational
• Compliance and Safety

Types of Risk

• Systemic & Existential-Come from external sources and tend to be uncontrollable and impact all of higher education
• Institutional-Unique to an institution and can be controlled and generally relate to an inability to meet strategic objectives
• Unit-Level-these risks are controllable and generally relate to an existing and broken practice

1. Impact-Score based on worse-case scenario on a scale of
   • High=3
   • Medium=2
   • Low=1 
2. Likelihood-Score based on how likely the risk is to occur on a scale of
   • High=3
   • Medium=2
   • Low=1
3. Velocity-Score based on the speed of onset of the risk on a scale of
   • Very Soon=3
   • Soon or within 2-3 years=2
   • Remote or more than 3 years=1

1. Recruitment and retention of a diverse student population
2. Advance fiscal stability
3. Manage Evolving legal and compliance requirements
4. Foster a culture of innovation
5. Improve recruitment and retention of high quality, diverse employees
6. Enhance campus safety
7. Deferred maintenance

1. Recruitment and retention of a diverse student population
   • Enrollment Variances
   • Inclusion
2. Advance Fiscal Stability
   • Budget modeling plan
   • Diversify revenue streams
   • Fiscal Stability-Pension
3. Manage Evolving Legal and Compliance Requirements
   • Regulatory requirements
   • Cybersecurity and Data Security