ERM Program
Enterprise risk management, or ERM, is a holistic approach to managing an organization’s operational, financial, hazard, and strategic risks to meet the organization’s objectives. The definition of risk leans away from “risk is bad,” and has become understood to mean “the effect of uncertainty” on an organization’s objectives.
Syracuse University uses the international standard, ISO 31000 framework, for the foundation of the ERM program. We work with University leadership to continually monitor, identify, assess, and mitigate enterprise-wide risks that could impact the Syracuse University community.
ERM Working Group
Syracuse University has an Enterprise Risk Management Working Group comprising individuals from across campus to help advise, review, and monitor the identified risk areas. The working group helps engage in identifying and assessing risk areas, maintaining risk awareness, and assists in the development of strategies and policies to help mitigate risks. The working group is also a resource for the campus community to learn more about the ERM program at the University.
The ERM program of Syracuse University regularly reports to the Audit and Risk Committee of the Board of Trustees .
Two-Year ERM Cycle
Our program at Syracuse University is a two-year cycle of risk identification and risk assessment. Following best practice, Year 1 is used to reevaluate the current risk environment for the University through input from leadership across the campus community. Year 2 focuses on mitigations and addressing any potential gaps identified in Year 1.
For more information contact: Gretchen Fitzgerald, gmrauch@syr.edu or 315.443.1437