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ANZUIAG

ANZUIAG 2009 Adelaide . Session 4: Strategic risk management . Harry Rosenthal, General Manager: Risk Management Services . ANZUIAG . Strategic Risk Management. Harry Rosenthal Harry.Rosenthal@rmml.com. The State of Enterprise Risk Management @ Colleges and Universities Today.

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ANZUIAG

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  1. ANZUIAG 2009 Adelaide Session 4: Strategic risk management Harry Rosenthal, General Manager: Risk Management Services ANZUIAG

  2. Strategic Risk Management Harry Rosenthal Harry.Rosenthal@rmml.com

  3. The State of Enterprise Risk Management @ Colleges and Universities Today • 2009 Report - Joint Project: • Association of Governing Boards of Universities & Colleges (AGB) – covers 1,200 boards & 35,000 members. “Mission: Strengthen and protect country’s unique form of institutional governance though its research, services and advocacy.” • United Educators (UE) – 1,150 members “Mission: Provide long term, stable alternatives to the cyclical unavailability & erratic pricing of commercial insurance “Education’s Own Insurance Company” http://www.agb.org/user-assets/documents/AGBUE_FINAL.pdf

  4. Survey of Risk in Strategic Planning “Reviewing strategic risk is a significant fiduciary responsibility of a university board” • 60% responded their institutions do not use a comprehensive strategic risk assessment to identify major risk to mission success. • <50% agree: “Board members and senior administrators actively engage in discussions regarding institutional risks. • 5% reported their institution has exemplary practice for management of major risk to mission success.

  5. List of Best Practices • Ensure there is a disciplined process to consider strategic risk discussions and assessments at Board level. • Designate an owner of risk identification process – find the right person. • Require all top administrators to priorities risks. • Require annual written reports on all high priority risks at least once a year. • Board should examine and re-prioritize organizational risks at least once a year. • Look for blind spots once a year – imagine the unimaginable.

  6. Unimutual Top 10 Strategic Risk Review

  7. Higher Ed Sector RISK MANAGEMENT COMMUNITY OF PRACTICE The Mutual Higher Ed Sector Benchmarking & Maturity Modeling The Future Vision Loss Data Underwriters Risk Processes Auditor General – Audit & Risk Committee - AUQA

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