Enterprise Risk Management

Coronavirus (COVID-19) Resources for ERM

With Covid-19 we are experiencing an enterprise-level risk, and we recognize there may be new regulatory and compliance risks and requirements that affect you. We created a quick questionnaire for you to consider whether there might be new issues for your area of work. It takes about 2 minutes and is available here: https://rit.az1.qualtrics.com/jfe/form/SV_2tsT5gGtVL5tO3r

Overview

University Risk Philosophy

The university takes a broad view of risk as any event that could affect the university’s competitive position or ability to achieve its mission, vision, and strategic objectives.  The university acknowledges that risk, in one form or another, is present in virtually all its endeavors, and that successful risk-taking will often be necessary to achieve its goals.  RIT does not seek to eliminate all risk; rather, it seeks to be risk-aware and to effectively manage the uncertainty inherent in its environment.  To this end, RIT seeks to identify, understand, assess, and respond to the risks facing the university, taking into account the impact on the RIT Community, and RIT’s standing, reputation, financial position, and performance.

Guiding Principles

RIT seeks to establish a risk-aware university culture where consideration of risk is integrated into decision-making at all levels of the university. These guiding principles support that culture and set expectations for the behavior of university employees and administrators regarding risks.

See Overview of ERM at RIT for more information.

Purpose and Objectives

The purpose of Rochester Institute of Technology's Enterprise Risk Management Program is to enhance the university’s ability to achieve its mission, vision, and strategic objectives and strengthen its competitive position by fostering a university-wide culture of risk awareness.  The ERM Program is intended to provide a structured, consistent, and continuous process for and proactive identification and reporting of material risks to senior management and the Board of Trustees.

See Overview of ERM at RIT for more information.