Enterprise Risk and Opportunity Management
Enterprise Risk and Opportunity Management (EROM) involves identifying potential events - as well as associated opportunities and risks - in order to positively impact our institution's primary objectives and strategic mission.
Some risks that may be considered are financial, operational, strategic, regulatory, environmental, reputational and political. EROM aims to measure an institution's achievement of four primary objectives:
- Strategic - High level goals that are aligned with and support the institution's mission
- Operational - Ongoing management process and daily activities of the organization
- Financial Reporting- Protection of institution's assets and quality of financial reporting
- Compliance - The institution's adherence to applicable laws and regulations
Managing risks and thoroughly analyzing opportunities helps ensure that our institution can continue to serve our faculty, staff and students effectively. By strategically managing opportunities and inherent risks, we can reduce the chance of loss, create greater financial stability, and act as stewards of our resources to promote our mission of teaching, learning and discovery.