The ERM group worked with stakeholders across the institution to identify and define key risks and to create the University of Minnesota Risk Profile as pictured below. 14 key risks were selected by stakeholders based on their view of the most important challenges and opportunities facing the University. These risks do not necessarily represent current problems but risks that would have the greatest impact to the achievement of strategic objectives in the absence of any actions management might take to alter either the risk’s likelihood or impact.
Risks affecting each of the University’s five MPact 2025 Strategic Plan commitments or objects were considered during the creation of the Risk Profile. Although the 14 key risks are tied to the objective they most directly affect, they often influence the achievement of multiple objectives.
The three key risks directly facing the Student Success objective include Enrollment Strategy, Student Retention, and Student Experience & Success.
The key risks affecting the Discovery, Innovation, & Impact objective include Political and Research risks.
Three key risks facing the MNterestions objective were identified and include Cybersecurity & Privacy, Reputation, and Leadership.
The three identified key risks affecting the Community & Belonging objective include Campus & Public Safety, Crisis Management, and Employee Retention & Morale.
The three identified key risks facing the Fiscal Stewardship objective include Faculties & Maintenance, Economic Conditions, and Strategic & Financial Planning & Budgeting.