University Risk Management Initiative. Enterprise Risk Management. Enterprise Risk Management (ERM) is a system or process to deal with all risks facing an entire organization. The University Risk Management Initiative (URMI) is a systematic means to manage enterprise wide risks at OHIO.
Enterprise Risk Management
Enterprise Risk Management (ERM) is a system or process to deal with all risks facing an entire organization.
We do not want to eliminate all risk because we cannot have a reward without taking a risk. However, we can take actions to manage the amount of risk we need to take compared to the reward we hope to achieve.University Risk Management Initiative
1. Indentifying the Risks
We cannot manage or control the risk until we know what it is.
2. Assessing the Risks
Organizing the risks so we can better understand them.
3. Evaluating the Risks
Prioritizing the list of risks to ensure the most effective utilization of available resources.
4. Mitigating the Risk
Strategies to make the risks acceptable.
Follow-up to ensure the plans are carried out.University Risk Management Initiative