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Enterprise Risk Management

Enterprise Risk Management Frequently Asked Questions


Q. How is Enterprise Risk Management (ERM) different than the University Office of Risk Management?
A. ERM is strategic and provides a university-wide perspective of significant risks. The University Office of Risk Management is tactical, and is primarily concerned with insurance and workers compensation. Please refer to the Comparative Responsibilities table for more information.

Q. What is considered a significant risk?
A. While there is no exact definition, the University of Illinois considers a risk significant if it creates a barrier to achieving its goals. Significant risks can impact the University financially or non-financially. See Calculate Risk Score for more information.

Q. What is the history of ERM in higher education?
A. While ERM is relatively new to higher education, it began in the 1990s as a way for business to manage compliance issues. In the early 2000s, universities began to recognize that new risks were threatening business-as-usual.

Q. How does the ERM process at the University of Illinois compare to peer institutions?
A. There is a wide spectrum of ERM processes that range between collaborative and intrusive. The University of Illinois ERM strives to be supportive and collaborative, recognizing that those closest to the risk can manage it the best. This is done by fostering a risk dialogue between university stakeholders, raising awareness of risk and uncertainty, recognizing risks that cross multiple boundaries, and providing support to manage risks.

Q. Where does the office of ERM report for administrative purposes?
A.
For administrative purposes, ERM reports to the Senior Associate Vice President in the Office of Business and Financial Services.

Q. What is the Executive Risk Management Committee?
A. The Executive Risk Management Committee owns the ERM process. The committee is made up of:

  • President
  • Vice President / Chief Financial Officer (Chair)
  • Vice President Research
  • VP Academic Affairs
  • Vice President / Chancellor of UIUC
  • Vice President / Chancellor of UIC
  • Vice President / Chancellor of UIS

Q. What are risk centers?
A.
 Risk centers are logical groupings of similar risks. Each Risk Center has a Risk Assessment Leader. The eleven risk centers are:

  • Academic Affairs
  • Business & Finance
  • External Relations
  • Governance & Organizational
  • Human Resources
  • Information Technology
  • Heath System
  • Research
  • Safety
  • Student Affairs
  • Treasury

Last Updated: April 8, 2016

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