Enterprise Risk Management

Enterprise risk management (ERM) is defined by COSO, the Committee of Sponsoring Organizations, a leading industry cooperative and a strong proponent of ERM, as “a process, effected by an entity’s board of directors, management, and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risks to be within its risk appetite, to provide reasonable assurance regarding the achievement of its objectives.”  Enterprise risk management in higher education has been recognized as an important process to manage risks and opportunities across the institution in an effective manner in order to meet mission objectives.