Monitoring - The entirety of enterprise risk management is monitored, and modifications made as necessary. In this way, it can react dynamically, changing as conditions warrant. Monitoring is accomplished through ongoing management activities, separate evaluations of enterprise risk management, or a combination of the two. Goals of Enterprise Risk Management Simply put, enterprise risk management provides a framework for minimizing risk across an institution while maximizing opportunities. We have been used to managing risks in silos when, in reality, most risks overlap. The enterprise risk management framework supplies a holistic approach to managing risks which provides a clearer picture to administrators resulting in better decision making in the strategic planning process. Risk management should become part of the university’s culture rather than being viewed as an activity for which only a select few individuals are responsible. It should be embedded into the philosophy, practices, and processes of all university administrators.
Monitoring - The entirety of enterprise risk management is monitored, and modifications made as necessary. In this way, it can react dynamically, changing as conditions warrant. Monitoring is accomplished through ongoing management activities, separate evaluations of enterprise risk management, or a combination of the two. Goals of Enterprise Risk Management Simply put, enterprise risk management provides a framework for minimizing risk across an institution while maximizing opportunities. We have been used to managing risks in silos when, in reality, most risks overlap. The enterprise risk management framework supplies a holistic approach to managing risks which provides a clearer picture to administrators resulting in better decision making in the strategic planning process. Risk management should become part of the university’s culture rather than being viewed as an activity for which only a select few individuals are responsible. It should be embedded into the philosophy, practices, and processes of all university administrators.
Achieving-Vision-through-ERM-an-Overview-8-5-2009.docx