A comprehensive and integrated approach to identifying, assessing, managing, and monitoring risks across the entire University system
The potential consequences or effects (financial, strategic, safety, legal/compliance, and reputation) that a risk event could have on the University.
Risk that exists at the University or process before considering any risk management or mitigation activities that are implemented to reduce the impact or likelihood of a risk.
The probability of the chance of occurrence of a risk event.
Actions or activities that minimize impact severity or likelihood of a risk.
Risk that remains after risk management or mitigation activities are implemented to reduce the impact or likelihood of a risk.
Potential internal or external events or decisions that could preclude the University from achieving it’s strategic organizational or departmental objectives.
The occurrence of a risk.
A systemic process for identifying, assessing, and controlling risk.
A time measurement of how quickly the impact of a risk event would be felt by the University.
