URMIA 49th Annual Conference

CORE COMPETENCY RM TECHNICAL SKILLS: Many universities find themselves grappling with how to establish an Enterprise Risk Management (ERM) program, as well as understanding the benefits and consequences of such a program. In 2014, George Mason University began laying the foundation to, ultimately, establish the university’s first ERM program. In its fourth year of implementation, this program has evolved to be a helpful tool for university leadership to assess and manage enterprise risks in a manner that balances the University’s objectives and mission with responsible risk-taking. This is increasingly important in a time when higher education is experiencing a paradigm shift with regard to financial landscape, students’ needs and expectations, and increased regulatory requirements.

This session will examine the approach used by George Mason University, a large public research institution, to establish an ERM program. Specifically, the presenters will address the process used for identifying, assessing, and prioritizing enterprise risks; developing mitigation plans; communicating with and reporting out to senior leadership and the board; and challenges and lessons learned thus far.

As a result of participating in this session attendees will learn of one institution’s process for identifying, assessing, prioritizing enterprise risks; hear about one institution’s process for communicating with and reporting out to senior leadership and the board; and explore the challenges posed and lessons learned by implementing an ERM program at a large public institution.