Workflows also need to be triggered to manage regulatory impact analyses, compliance reviews and control assessments and updates. Built on enterprise-ready architecture A truly advanced ERM technology system is enterprise-ready – configurable, reliable, scalable, extensible and user-friendly. It integrates with other enterprise applications to push and pull relevant risk data. It is also able to streamline ERM workflows, automate reporting and analytics, provide robust security mechanisms and offer relevant content such as industry standards and ERM best practices to help universities derive maximum value from their ERM program. A robust ERM program along with good governance and oversight will assist universities in managing risks effectively and have a positive impact on business performance.
Conclusion The key to effective ERM in universities is to keep it simple but sustainable, ensuring a continuous and ongoing process for the review of risk. It is also important to ensure that the ERM objectives within the university have a broad buy-in and are aligned to operations and strategy across business units. A robust ERM program along with good governance and oversight will assist universities in managing risks effectively and have a positive impact on business performance. n
1. “Enterprise Risk Management in Higher Education: A Review of the Literature Reveals What We Know (And What We Don’t)” by Anne E. Lundquist, University Risk Management and Insurance Association (URMIA), 2011. 2. Refer to “The State of Enterprise Risk Management at Colleges and Universities Today,” Association of Governing Boards of Universities and Colleges, 2009 3. See Enterprise Risk Management: Today's Leading Research and Best Practices for Tomorrow’s Executives, Edited by John R.S. Fraser and Betty J. Simkins, John Wiley & Sons, Inc., January 2010. 4. See Improving the Value of Enterprise Risk Management to Help Manage Corporate Reputation, Daniel Rogers, Betty Simkins, Karen Thiessen, Conference Board of Canada Research Report, October 2010, Publication 11-085 and Enterprise Risk Management: A Review of Prevalent Practices, by Joseph Rizzi, Betty Simkins and Karen Schoening-Thiessen, Conference Board of Canada Research Report, January 2011, Publication 11-165 5. “Does Gender Diversity on the Board of Directors Improve Risk Governance?”, Betty J. Simkins, Ilene H. Lang and Heather Foust-Cummings, Risk Watch, January 2012, 14-17.
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