Mission

The mission of the University of Montana Enterprise Risk Management (ERM) program is to provide a systemic, comprehensive risk ecosystem to manage mission-critical risks in pursuit of value for stakeholders.

Objectives

Goal 1:  Integrate ERM into the culture and strategic decision-making at all campuses.

• Objective 1-1: Develop a common ERM terminology
• Objective 1-2: Provide training on ERM and its potential to enhance decisions
• Objective 1-3: Establish a process and infrastructure for executing a systematic ERM process congruent with OCHE ERM expectations
• Objective 1-4: Launch ERM programs at affiliate campuses

Goal 2:  Balance the cost of managing risk with the anticipated benefits

• Objective 2-1: Determine UM’s overall risk appetite
• Objective 2-2: Document current risk management plans and other procedures and controls responding to risks
• Objective 2-3: Assess the value of alternative risk management plans, including accepting and pursuing risks

Goal 3:  Incorporate best practices in decision making

• Objective 3-1: Regard compliance with the law as a minimum standard
• Objective 3-2: Assign responsibilities for risk at the lowest appropriate level
• Objective 3-3: Provide a process for identifying and responding to new opportunities with agility and risk awareness
• Objective 3-4: Develop effective communication channels to promote cross-functional risk discussions and inform the campus of ERM program results

Goal 4:  Strive for the most simple, nimble ERM infrastructure for an effective program

• Objective 4-1: Assign overall responsibility for the ERM program to a Chief Risk Officer (CRO), who is a high-level employee with knowledge of campus-wide activities and OCHE ERM expectations
• Objective 4-2: Create an oversight structure that empowers decision makers while informing leaders of enterprise risks
• Objective 4-3: Align the UM ERM program with the OCHE’s ERM program to minimize duplication