Strategic Risk Management is an administrative process that requires widespread participation to identify and manage the myriad of risks associated with carrying out the objectives of the University. Strategic Risk Management is different from traditional approaches that focus on risk oversight by managing silos or distinct pockets of risk or hazards. Strategic Risk Management emphasizes an enterprise-wide view of the inventory of key risk exposures potentially affecting the University's ability to achieve its objectives.
For C.I. to optimize the benefits of risk and minimize costs, a "strategic risk management" culture must be embedded into all activities. This embedded strategic (aka "enterprise") risk management framework will ensure that decisions that trade value and risk will be made on an informed basis and will be aligned with campus risk tolerance and overall strategic planning.
Campus administrators and decision makers are responsible for effecting risk management as an integral function within their area of responsibility. They are responsible for ensuring that faculty and staff members are aware of the University's commitment to strategic risk management and to ensure that all employees are provided with information necessary to minimize the effects of hazard-related losses, as well as losses on the University's assets, financial standing and reputation.
The goals of C.I.'s Strategic Risk Management Program include:
- Utilizing risk to the University's competitive advantage
- Increasing the University's risk intelligence through the development of a comprehensive risk inventory
- Designing a comprehensive and common-sense approach to managing risks across the entire organization
- Recognizing the upside of risk and the many opportunities it can present
- Maintaining perspective on traditional "hazard risk"
More on the C.I. Strategic Risk Management Program will be available soon.