This University of Maryland Global Campus (UMGC) Policy on Enterprise Risk Management sets forth the requirements for UMGC's adoption of an ongoing system of risk management appropriate to UMGC's mission and strategic initiatives and the expectations for reporting key risk items in compliance with the University System of Maryland VIII-20.00-Policy on Enterprise Risk Management (the "USM ERM Policy").
UMGC Enterprise Risk Management (ERM) Program
Enterprise Risk Management Committee: UMGC shall establish an institution-wide Enterprise Risk Management Committee to oversee an ERM process to identify, assess and quantify risks, determine risk tolerances, oversee risk prevention and mitigation strategies or measures where appropriate, and periodically report on these activities to the UMGC President and the other members of the Executive Committee.
ERM Framework: The ERM process will be conducted pursuant to an ERM Framework which includes maintaining an inventory, or register, of risks and exposures that are potentially significant in terms of both likelihood of occurrence and impact on the strategic interests and goals of UMGC.
Risk Register: The risk register will be maintained by the UMGC Institutional Compliance & Risk Program, or elsewhere as designated by the UMGC President, and will document the identification, measurement, and management of new and emerging risks.
Risk Response: Each risk will be monitored by a risk owner who will adopt mitigation strategies as appropriate, and periodically report to the ERM committee.
Annual Notice to USM Chancellor: UMGC shall provide annual notification to the USM Chancellor of the status of UMGC's risk assessment and management plan consistent with the USM ERM Policy . As part of this annual notification, UMGC will provide a listing of significant events that have occurred in the prior calendar year that were contemplated and planned for in the institution's risk management process.
Standard Operating Procedures: UMGC's ERM process and framework will be documented by internal administrative guidelines maintained by the Associate Vice President, Institutional Compliance & Risk.
Related Policies and References