Enterprise Risk Management (ERM)
Risk Management efforts at the University of Illinois encompass both strategic risk and financial/operational activities. The University Office of Risk Management is the insurance agent of the University and serves the entire university, which includes all campuses, regional sites and Extension offices. The Office of Enterprise Risk Management is a strategic endeavor with a mission of understanding significant risks facing the university. Both offices are part of University Administration within the Office of Business and Financial Services and are located at the Urbana-Champaign campus.
Enterprise Risk Management (ERM) is a process that supports the achievement of the University’s objectives by addressing the spectrum of its risks and managing the combined impact of those risks as an interrelated risk portfolio. To be successful, ERM must include all University stakeholders – the Board of Trustees, leadership at the University and campus levels, faculty, and staff.