University Office of Enterprise Risk Management (ERM)
What is ERM?
Enterprise Risk Management (ERM) is a discipline that addresses the full spectrum of an organization’s risks and integrates them into an enterprise-wide, strategically aligned portfolio view. ERM for the University of Illinois System (University System) is a high-level, proactive process designed to enhance current risk mitigation activities.
The people closest to a risk are best equipped to manage the risk. At the U of I system, the ERM department acts in a support role, helping risk owners develop the best mitigation strategy for impending situations.
ERM is separate and distinct from the University Office of Risk Management who acts as the insurance agent of the system.
ERM staff engage system and university leadership, faculty, and staff to promote a progressive risk culture and balanced approach that addresses the spectrum of the University system’s risks and manages the combined impact of those risks as an interrelated risk portfolio.
What We Do
Meet with faculty and staff to discuss risks and mitigation strategies
Track and analyze various risks of significant concern to the University of Illinois
Facilitate special task force teams to tackle risks head-on
Our Vision
Create a risk-aware culture that educates stakeholders on risk management, allowing the system to identify risks and make plans to avoid material impact on finances and operations while encouraging the acceptance of manageable risks in support of opportunities.
Why is ERM Important?
ERM achieves multiple functions critical to the success of the University of Illinois.
- Minimizes surprise and impact on operations and administration.
- Explicitly considers risk when addressing ongoing business, operational activities and in planning future endeavors.
- Strategy aligns with risk appetite.
- Identifies and manages cross-unit risks.
- Structures identification of risk mitigation strategies.
- Enhances risk response decisions.
Last Updated: March 6, 2020