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University Risk Management Initiative Bulletins update OHIO on Enterprise Risk Management

The Ohio University Risk Council (URC) has published the first of an ongoing series of bulletins to update the community about this new initiative and the effort to identify University-wide risks.

"This is part of an effort to let the campuses know what is going on with the University Risk Management Initiative (URMI) and in the URC," said Joe Adams, associate vice president for risk management and safety. "Risk Management usually deals with insurable items. Our intention with URMI is to go beyond that and approach risk from an enterprise-wide standpoint."

This first bulletin will focus on the University’s enterprise risk management program; referred to as the University Risk Management Initiative (URMI). The University is moving towards an enterprise-wide approach to identifying and managing risk, including financial, business, operational and governance risk.

To help manage and identify these risks, the URC will be working with Bickmore Risk Services.

"We are in the first year of a five-year project." said Adams. "We are on schedule; we just completed our first milestone. Our consultant has finished interviewing key personnel to help identify major risks in their areas."

The next milestone will be the consultant interviewing those individuals in the departments supervised by the first phase of interviewees and additional key personnel.  

After the interviews, members of the URC will help the consultant develop a draft heat map of identified risks. A heat map displays numerous risks categorizing them in terms of frequency and severity."This is a very visual way to chart the identified risks," explained Adams. "We plan to have our first draft heat map ready during spring quarter. Once it is reviewed by URC, it will be presented to the University, but it can change with each quarterly meeting of the council." The heat map will also change as the URC feels that risks have been satisfactorily managed and as new risks are identified.

The bulletin is archived on the Risk Management website, and it is available for download here.