The Risk Management team seeks to work with partners across campus to set a framework for identifying, analyzing, and mitigating risk to an appropriate level while recognizing that risk-taking is inherent to the higher education experience.
Risk Management Process:
- Identify the most significant risks arising from operations on an ongoing basis
- Prioritize risks based on the likelihood of occurrence and potential impact
- Implement strategies to mitigate the risks
- Monitor effectiveness of risk management efforts
Risk Categories:
- Life/Health/Safety
- Strategic
- Reputational
- Financial
- Operational
Risk Management Strategies:
- Avoid the risk by discontinuing the activity or process that generates it
- Accept the risk
- Mitigate the risk and reduce the likelihood and impact of the risk
- Share or transfer the ownership of the risk to a third party (insurance)