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Handbook of Business Procedures

Date published: 
Last revised: 
Issued by: 

Oct. 12, 2009
Oct. 12, 2009
Risk Management

 

Part 19. Risk Management - Table of Contents


19.4. ENTERPRISE RISK MANAGEMENT

A. Introduction

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:

  • Identification
  • Assessment
  • Mitigation
  • Monitoring and reporting

B. Resources

 

 

Part 19. Risk Management - Table of Contents