Oct. 12, 2009
Oct. 12, 2009
19.4. ENTERPRISE RISK MANAGEMENT
Enterprise Risk Management (ERM), within the Office of Accounting, takes a leading role in identifying and assessing risk, and developing mitigation strategies that will reduce the likelihood of anything inhibiting the successful attainment of the mission of The University of Texas at Austin. ERM's role is broad and includes working with the internal audit, insurance, and compliance areas in helping to identify operational risks, with the goal of developing risk mitigation programs and procedures.
ERM’s main priorities include increasing risk awareness, promoting the concept of acceptable risk, and minimizing the university's exposure to all types of liabilities by proactively employing the most appropriate risk reduction strategies.
Enterprise risks can exist across all the university’s activities, including development, information technology, accounting, research, construction, teaching, athletics, and other areas. ERM reviews are initiated by internal or external audit findings, prior ERM risk assessments, the ERM monitoring schedule, or by individual academic/administrative units. ERM develops customized risk footprints, which can be used to facilitate training of new employees, assist in the decision-making process of resource allocation, and help create a culture of risk/benefit analysis in the department.
ERM can assist with the following aspects of risk management:
- Monitoring and reporting
- Risk Management: firstname.lastname@example.org
- University Compliance Services
- Internal Audit
- Environmental Health Services 24-Hour Hotline: 512-471-3511
- Compliance Help Line: 877-888-0002 or 512-471-2831
- Fraud Hotline (Internal Audit): 512-471-7117
- Concerning Behavior Hotline (Campus Safety): 512-232-5050