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Risk and Innovation

** Explore the collaborative ERM process that identifies, assesses, and mitigates risks in educational institutions, emphasizing best practices and lessons learned. **

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Risk and Innovation

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  1. Risk and Innovation Janice M. Abraham, President & CEO, United Educators Tom W. Dwyer, Provost, Johnson & Wales University

  2. ERM: A process forward

  3. ERM • A collaborative process, led by senior administration, that expands the core concepts of risk management: • Identifying risks across the enterprise • Assessing the impact of the risks to the plans and mission • Developing and testing mitigation plans • Monitoring identified risks and consistently scanning for emerging risks ERM: A process forward

  4. Roles ERM: A process forward

  5. Best Practices • Tone at the top matters: Champions are essential • Understand and embrace specific roles • Understand, respect, and appreciate differences between business and education • Build on the work of others, use Risk Registers • Question sacred cows • Look for opportunities and upside risks ERM: A process forward

  6. University of AlbertaRM Process ERM: A process forward

  7. University A. Risk Register: • Adequacy of financial resources • Information technology infrastructure, systems and support • Age and condition of facilities and physical plant infrastructure • Recruitment and retention of top personnel • Individual and institutional conflict of interest, employee misconduct, regulatory non-compliance • Execution of Strategic Plan ERM: A process forward

  8. University B. Risk Register: • Governance • Student enrollment • Liquidity, debt and reserves • Health care costs • Management turnover • Return on investment in new capital projects and programs • Legal/regulatory compliance • Information security • Disaster recovery and business continuity • Potential for fraud and conflicts of interest ERM: A process forward

  9. Liberal Arts College Risk Register: • Enrollment: Student’s perceived return on investment • Succession planning for President/Senior staff • Facilities: Age and condition not keeping pace with student demand and increase in sciences • Health and safety of students focused on alcohol and sexual assault • Information technology infrastructure, security and renewal • Endowment growth ERM: A process forward

  10. University C. Risk Register • Strategic Plan implementation • Income diversification • New initiatives: Research, Accreditation • Governance • Faculty: Demographics • Compliance: Research, Title IX, Clery • Athletics: Compliance, funding, injuries ERM: A process forward

  11. University B. Risk Assessment ERM: A process forward

  12. JWU ERM ERM: A process forward

  13. Lessons Learned From Others: • Focus on high-impact risks • Focus on mitigation plans • Take on the tough issues and sacred cows • All risks must have owners • It’s a process and business tool, not a project ERM: A process forward

  14. Stay Connected Janice Abraham President & CEO Prevention and Protection for EducationTM 7700 Wisconsin Avenue, Suite 500Bethesda, MD 20814Office: (301) 907-4908Direct: (301) 215-8462 jabraham@ue.org bit.ly/UELinkedIn @UnitedEducators bit.ly/UEYouTube

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