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. 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.
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 university regarding risks.
Purpose and Objectives
The purpose of RIT's ERM 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.