Clemson University defines Enterprise Risk Management (ERM) as a process-driven tool that enables visualization, assessment, and management of significant risks that may adversely impact the attainment of key organizational objectives and to maximize opportunities for enhancement in all Clemson University activities.
It is the responsibility of the President to lead and cultivate a culture of awareness to identify, assess, and manage risks using the ERM process. It is the responsibility of the Board members, institutional leaders, faculty, staff and students to identify, analyze, evaluate, respond, monitor and communicate risks associated with any activity, function or process within their relevant scope of responsibility and authority.
Risk, when appropriately identified and managed, is a part of regular business activities. However, in certain cases there are types of risks which may not be acceptable, such as:
Clemson’s approach to risk management is to minimize the effects of compliance, financial, operational, reputational, and strategic risks, while accepting a reasonable degree of managed risk in pursuit of its mission and objectives. Clemson recognizes that risk varies according to the activity undertaken, and that acceptance of risk is always subject to ensuring potential benefits and risks are fully understood, and that prudent measures to mitigate risk are established.