In March 2017, the Budget Administration and Audit Committee, a subcommittee of the Montana Board of Regents (BOR), made a presentation on Enterprise Risk Management (ERM) describing the launch of an ERM program in the near future. Subsequently, the Office of the Commissioner of Higher Education (OCHE) reorganized staff, and the project was delayed.
In May 2019, OCHE created a new Internal Auditor position to coordinate certain internal audit activities system-wide, and ERM was added to this position’s duties. In December 2020, the State of Montana expressed the goal of implementing an ERM program for all agencies, including the Montana University System (MUS). The MUS served as a pilot for the state ERM program.
In mid-2019, the University of Montana (UM) launched its own ERM program under the direction of an Audit, Compliance, and Risk (ACR) group comprised of the former UM Director of Internal Audit, Legal Counsel, and the current UM Director of Internal Audit and Enterprise Risk. Members of the President’s cabinet identified specific areas of risk and who was responsible for managing them (risk owners). The identified risk owners then received and completed approximately 380 risk questionnaires, resulting in UM’s first ERM risk inventory in spring 2020.
UM is the first MUS institution to implement ERM, marking UM as an ERM leader.
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In March 2017, the Budget Administration and Audit Committee, a subcommittee of the Montana Board of Regents (BOR), made a presentation on Enterprise Risk Management (ERM) describing the launch of an ERM program in the near future. Subsequently, the Office of the Commissioner of Higher Education (OCHE) reorganized staff, and the project was delayed.
In May 2019, OCHE created a new Internal Auditor position to coordinate certain internal audit activities system-wide, and ERM was added to this position’s duties. In December 2020, the State of Montana expressed the goal of implementing an ERM program for all agencies, including the Montana University System (MUS). The MUS served as a pilot for the state ERM program.
In mid-2019, the University of Montana (UM) launched its own ERM program under the direction of an Audit, Compliance, and Risk (ACR) group comprised of the former UM Director of Internal Audit, Legal Counsel, and the current UM Director of Internal Audit and Enterprise Risk. Members of the President’s cabinet identified specific areas of risk and who was responsible for managing them (risk owners). The identified risk owners then received and completed approximately 380 risk questionnaires, resulting in UM’s first ERM risk inventory in spring 2020.
UM is the first MUS institution to implement ERM, marking UM as an ERM leader.