What do we mean when we talk about risk?
Risk is anything defined as the “threat that an action or event will adversely affect an organization’s ability to achieve its objectives”.
Risk management is not necessarily a process to avoid risk, but rather it can allow an institution to take on activities which may pose a higher threat to them. Since the risks have been identified, and are being managed, the residual risk to the organization is lower.
Enterprise Risk Management is responsible for analyzing the risks of the University as a whole unit. Within each unit of the university the department has the responsibility to manage its risks accordingly. If a department has risk management problems, ERM is here to provide guidance and help with any problems encountered.