The OCRO, in consultation with Unit Heads, establishes the Risk Registers for all Units. Risks, risk ratings, any Key Risk Indicators to be used in the Risk Register are identified using a variety of methods. Unit Heads may chose a method(s) appropriate to their Unit’s particular circumstances. 

Every Risk is assigned one or more Risk Owners. The Risk Owner assigns Risk Controls to be included in the Risk Register for each identified risk. 

The Unit’s Risk Register must be submitted to the OCRO. Using the Board of Regents approved risk ranking methodology, the OCRO gathers and consolidates the various Unit Risk Registers for accurate, timely and up-to-date information relating to the transfer, acceptance, mitigation or avoidance of risks by the University, for submission to the ERM Committee. 

With support from the OCRO, Risk Owners are required to review their Risk Registers at least every semester, to make appropriate updates, including indicating the status of any Risk Controls and adding and removing Risks, where appropriate. The updated Risk Registers must be submitted to OCRO.