Overview
Risk is unavoidable in carrying out the University’s mission and strategic objectives. Enterprise Risk Management (ERM) is the process of identifying the full spectrum of risks and opportunities that have the greatest potential to upset or enhance the University’s strategic goals. ERM provides senior leaders with a strategically aligned portfolio view of risks and the tools to effectively anticipate, respond, and capitalize on risks.
ERM can help the University proactively navigate a volatile, uncertain, complex, and ambiguous environment while protecting its decentralized, collaborative, and entrepreneurial culture. ERM is a strategic tool used by leaders and doesn’t stifle or prevent activities within the University’s risk tolerance.
What We Do
Meet with faculty, staff, and other stakeholders to discuss risks and mitigation strategies
Track and analyze various key risks to the University of Minnesota
Facilitate working groups that tackle risks head-on
Report key risks and trends to senior leaders and the Board of Regents
Why is ERM Important?
ERM achieves multiple functions critical to the success of the University of Minnesota:
- Minimizes surprise and impact on operations and administration
- Considers risk when planning future endeavors
- Identifies and manages cross-unit risks and fosters a collective response
- Enhances risk response decisions and produces an action agenda