Institutional Risk
An Annual Cycle
Enterprise Risk Management (ERM) has established an annual cycle for evaluating institutional risk. The main focus of managing risk is at the center of the cycle. The cycle moves through a circular pattern, which includes four main steps:
- Identify and Prioritize
- Assess (Risk Profile)
- Mitigate/Control
- Share Report
The Institutional Risk Continuous Cycle pie chart is a four slice chart in Clemson branded colors. The slice labeled A showcasing that this is the first step of the cycle is titled: Identify and Prioritize Institutional Risks. Slice B is titled AssessInstitutional Risks. Slice C is titled Migigate/Control Institutional Risks. Slice D is labeled Report on Institutional Risks. A dot in the center of the slices is labeled ERM. And the entire chart has arrows surrounding the outside to show that the steps inside of the slices are on an annual cycle.
How does ERM facilitate identification of institutional risk?
- Benchmarking with other peers
- Higher Education publications
- Risk Advisory Committee (RAC)
- ELT and BOT Input
- Strategic Planning and Execution
How does ERM assess, mitigate and report on Institutional Risk?
- ERM assembles the IR Risk Assessment Team
- Expert Team identifies top 3-5 risks within the broad institutional risk
- ERM Framework, Methodology, and Tool
- The institution implements controls to decrease the likelihood and/or impact of an institutional risk
- Utilize institutional risk data to keep leadership and CU Elevate informed
How is the Institutional Risk List used?
- Strategic Planning and Execution
- Operational Planning
- Risk Awareness
- Internal Audit Annual Plan
- Enterprise Risk Management Annual Plan
- Institutional Risk Profiles
