About Enterprise Risk Management (ERM)

ERM Vision

Enable all decision makers, including the Board of Trustees, faculty, management, operational staff, and others to identify, assess, and manage risks in a continuously changing and uncertain environment.

ERM Goal

  • ensure the seamless integration of strategic planning
  • recognize early warning risk indicators
  • link decisions with stakeholder values
  • drive sustainable synergies

ERM provides structure to enable the University to meet its continuing demands brought forth by pressures to:

  • sustain competitive advantages
  • transform business processes
  • improve financial transparency
  • increase productivity while reducing costs
  • implement new technologies
  • transform the infrastructure to handle increasing entrepreneurial ventures
  • address rapidly changing regulations

The ERM framework allows you to assess, quantify, mitigate, and monitor risks.

  • Assessment — identify events or key risks based on the internal environment in which the unit operates and the alignment of its objectives with Purdue’s strategic plan
  • Quantification — analyze the risk impact and likelihood of identified events based on risk tolerances (heat maps are typically utilized to depict this analysis)
  • Mitigation — development of risk mitigation strategies or control activities
  • Monitoring — identification of successful strategies or course correction opportunities based on information, communication, and monitoring

Reference COSO ERM Integrated Framework (http://www.coso.org/) for detailed information on enterprise risk management.

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