Enterprise Risk Management
JWU has developed an ERM framework to help protect and enhance the institution by identifying, assessing and managing risks. This is accomplished by:
- understanding the significant risks facing the university
- putting measures into place to mitigate or reduce those risks to an acceptable level
- evaluating risks on an ongoing basis to assure that organizational or environmental changes are understood
The value of effective risk management practices is to:
- avoid and/or mitigate risk
- assure compliance with legal, regulatory and ethical responsibilities
- increase certainty in meeting strategic and operational objectives
- eliminate silos
- consolidate processes
JWU "Risk Wheel"
The risk wheel is a graphical representation of high-level institutional risks, key risk management strategies and our competitive advantages. (To view the risk wheel, see the Enterprise Risk Management document under Resources & Policies on the Equity & Compliance homepage.)