ERM for Higher Education -- A Practical Approach
Risk:Resolve®
Three essential tasks:
EVALUATE | COLLABORATE | MITIGATE
One clear path:
Risk:Resolve®
How we can help.
Risk:Resolve® is a practical approach for managing complex institutional risk.
What's needed?
Risk:Resolve® ERM for Higher Education requires:
- Someone to coordinate and document the efforts undertaken to identify, assess, and address complex institutional risk.
- Additional individuals to collaborate on context, characteristics, and potential adverse consequences of complex institutional risk.
- Administrators to review actions planned and taken to mitigate complex institutional risk.
- Senior leadership team oversight over the entire Risk:Resolve® process.
- Governing board review of the
Risk:Resolve® “Risk Roll-Up Report” and the “Risk Mitigation Progress Dashboard.”
Components of the Risk:Resolve® process for managing complex institutional risk.
Risk:Resolve® from Educators Risk Management provides templates, worksheets, and guidance for a practical ERM for Higher Education process.
Identify
(1) An inventory of institutional risk issues is developed and periodically updated. (2) The senior leadership team decides which risks will become part of the institution’s formal risk management process.
Assess
After these risks are identified, their context, characteristics, and potential adverse consequences are explored in greater detail. How significant is the potential for undesirable outcomes? How severe might the adverse impact on the institution be?
Address
Those complex institutional risks made part of the “Risk Register” require a risk mitigation action plan including:
(1) Who has oversight?
(2) Who coordinates the execution of the plan?
(3) Who collaborates?
(4) What resources are in place?
(5) What additional resources are needed?
(6) What are the action plan’s intended outcomes?
(7) How will progress toward intended outcomes be gauged?
Monitor
Risk oversight is assigned to an administrator who is responsible for keeping track of:
(1) Progress toward mitigation goals.
(2) Effectiveness of mitigation action plan.
(3) Whether the characteristics of the risk have changed enough to warrant another evaluation.
Modify
Updated evaluations of complex institutional risk may result in revisions to the risk’s mitigation action plan, particularly when mitigation objectives are not being met.
