||A timeline of steps which must be taken in order to mitigate and manage an identified risk factor/event
||List of primary activities and functions an area is responsible
||A one-page summary of the activity's CURRENT risk assessment
||Risk type related to applicable laws and regulations
||Risk type that could result in the loss of assets or financial resources
||A tool used to present the results of a risk assessment process visually and in a meaningful and concise way
||A numeric rating from 1 to 5 (Low to High) of the impact the risk factor/event will have on the University's mission and strategic goal before considering any mitigating controls/factors
||A calculation which averages likelihood and impact; the numeric calculation scores the risk factor/event before considering any mitigating controls/factors
||A numeric rating from 1 to 5 (Low to High) of how likely the risk factor/event is to occur before considering any mitigating controls/factors
|Mitigation Controls (1-5)
||Controls in place to help monitor and prevent a risk factor/event; these can include documented policies and procedures as well as routine monitoring and review practices; scored from 1 to 5 (strong to weak)
||Risk type that could affect the execution of ongoing unit-level processes due to the inefficient and/or ineffective use of operational resources, or University policy failure
||The priority of the activity/function to the success of Clemson's mission, goals, and operations (see scale for rating guidelines); if the activity/function ceased to exist, what effect would there be to Clemson?
||Risk type that impairs or affects the University's image or reputation as perceived by others
||A numeric calculation to measure the risk factor/event after taking into consideration any mitigating controls; the calculation averages the inherent risk and mitigation controls, Residual Risk = Inherent Risk - Mitigation
||Any action, process, procedure, etc. that might impede the success of the activity
||Primary area of University activities/functions
||A systematic process of evaluating the potential risks that may be involved in a projected activity or undertaking
||The direction the risk is progressing at the time of the assessment: increasing, stable, or decreasing
||The person(s) who will be responsible for completing the risk assessment of the consolidated activity/function; this person(s) should have sound knowledge of the activities and functions listed; can include person(s) from other areas
||Describe the nature of a risk's potential consequences
- Compliance Risks are related to applicable laws and regulations.
- Financial Risks are risks that could result in the loss of assets or financial resources.
- Operational Risks could affect the execution of ongoing unit-level processes due to the inefficient and/or ineffective use of operational resources, or University policy failure.
- Reputational Risks impair or affect the University’s image or reputation as perceived by others.
- Strategic Risks affect the University’s ability to achieve high-level goals and objectives.
||Risk type that affects the University's ability to achieve high-level goals and objectives