Categories of Risk Management
Enterprise Risk Management aspires to support the growth of risk
management within the University; the goals of ERM in risk
management will encompass several areas. These are:
- Vision, Culture, and Awareness Activities
- Risk Identification
- Assess Exposure to Risks
- Mitigation of Potential Risks
- Policy Review
- Develop and implement a vision, culture and framework for ERM across the University;
- Increase the awareness of ERM across the entire scope of the University;
- Develop and implement enterprise risk management standards, guidelines and processes;
- Improve and support communication and information sharing, with respect to Risk Management incidents, throughout the University;
- Work with areas of the University to seamlessly and successfully integrate ERM into their operations and planning process;
- Coordinate, encourage and promote group and department accountability for effective ERM and compliance
- Develop and implement risk identification and evaluation standards and processes;
- Maintain a database of identified risks;
- Prioritize risks and develop strategy of addressing risks;
- Identify the person responsible for managing risk
- Determine the impact if the risk was to occur;
- Identify the current controls and mitigating actions that are in place;
- Determine the likelihood of the risk occurring;
- Consider whether appropriate early warning systems are in place;
- Suggest additional mitigation strategies;
- Determine whether remaining risk is acceptable;
- Implementing or ensure implementation of the chosen risk control technique;
- Monitor the results for effective control;
- Identify risk related policies that require updating;
- Identify policy gaps in risk related areas;
- Consult ERM if you are reviewing/updating any policies
