ÌÇÐÄ´«Ã½

Purpose

This Policy sets forth the requirements for the adoption of an ongoing system of risk management appropriate to the ÌÇÐÄ´«Ã½ (ÌÇÐÄ´«Ã½) mission and strategic initiatives, and sets the expectations for reporting key risk items in compliance with the .

1. Enterprise Risk Management Committee (ERMC): ÌÇÐÄ´«Ã½ shall establish an institution-wide Enterprise Risk Management Committee to oversee an ERM process to identify, assess, and quantify risks, determine risk tolerances, monitor risks and adopt mitigation strategies or measures where appropriate, and periodically report on these activities to the ÌÇÐÄ´«Ã½ President and the other members of the Senior Executive Team.
2. ERM Framework: The ERM process will be conducted pursuant to an ERM framework which includes maintaining an inventory, or register, of risks and exposures that are potentially significant in terms of both likelihood of occurrence and impact on the strategic interests and goals of ÌÇÐÄ´«Ã½.
3. Risk Register: The risk register will be maintained by the ÌÇÐÄ´«Ã½ Information Governance Program, or elsewhere as designated by the ÌÇÐÄ´«Ã½ President, and will document the identification, measurement, and management of new and emerging risks.
4. Risk Response: Each risk will be monitored by a risk owner who will adopt mitigation strategies as appropriate, and periodically report to the ERMC.
5. Annual Notice to USM Chancellor: ÌÇÐÄ´«Ã½ will provide annual notification to the USM Chancellor of the status of ÌÇÐÄ´«Ã½'s risk assessment and management plan consistent with the . As part of this annual notification, ÌÇÐÄ´«Ã½ will provide a listing of significant events that have occurred in the prior calendar year that were contemplated and planned for in the institution's risk management process.