Enterprise Risk Management
We at Virginia Commonwealth University are committed to operating ethically and efficiently in every way. That includes doing everything we can to foresee, manage and mitigate potential risks before they occur.
VCU's enterprise risk management (ERM) program is a comprehensive approach to identifying and mitigating risks that could severely impact the university and prevent us from meeting our goals. VCU is committed doing everything possible to prevent potentially significant “surprises” before they happen.
ERM is a dynamic process. We continually assess and mitigate the risks we face. If you become aware of any risk to the university, please communicate it to your functional area ERM Steering Committee Member or email us at firstname.lastname@example.org.
Thank you for your support,
Chair, ERM Steering Committee
Enterprise Risk Management (ERM) is the process of purposeful planning, organizing, leading and controlling the activities of an organization to minimize the effects of unwanted risk upon the organization. The ERM process, based upon a modified COSO model, helps VCU’s leadership identify and manage potential risks to provide reasonable assurance that VCU can achieve its objectives and create value for its stakeholders as well as prevent losses. Regardless of where risk exists across VCU, these risks can impact our organization’s reputation. ERM is an organization-wide holistic approach integrating risk management with strategic planning.
VCU's modified COSO model focuses on:
- Strategic: high-level objectives aligned with VCU's mission and in support of strategic goals
- Operational: ongoing management processes
- Compliance: adherence to applicable laws and regulations
- Finanical: protection of institutional assets
- Research: promotion of research innovation (added in 2015 to align with Quest Vision)
As a representative body of the VCU community as a whole and comprised of senior VCU leaders, VCU’s ERM Steering Committee functions in a review and recommendation capacity to the President, President’s Cabinet and the Board of Visitors. As such, the ERM Steering Committee is charged with:
- facilitating the identification, prioritization, and oversight management of risk mitigation
- communicating these to the President, President’s Cabinet and the Board of Visitors
- providing status and recommendations for risk tolerance and appetite