Kyle Parsons
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Current University of Minnesota Risk Profile
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.
Resources & Tools
Risk Assessment Form
The Risk and Control Self-Assessment Form is used to collect University-wide information about risks. There are large differences in magnitude between risks and risk assessments help the University decide which risks to concentrate on and which are not as important.Â
ERM Framework
The Enterprise Risk Management (ERM) Framework implemented by the University of Minnesota system is based on the widely employed Committee of Sponsoring Organizations of the Treadway Commission (COSO) ERM Framework. The COSO ERM framework has been adapted in order to incorporate the unique environment at the University of Minnesota as it defines essential components, suggests common language, and provides clear direction and guidance for risk management.
Governance & Culture
Governance
The Enterprise Risk Management (ERM) function receives oversight from the Board of Regents and the Executive Oversight Compliance Committee (EOCC). Please see the EOCC description on the ERM Framework page. The ERM team works with management across the University system to identify, assess, and respond to risks.
Enterprise Risk Management Definitions & Common Terms
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Adaptability:Â A factor considered when prioritizing risks, adaptability is the capacity of the University to adjust or respond to a particular risk event.Â
Asset:Â A resource with economic value owned or controlled by the University or another stakeholder with the expectation that it will provide a future benefit.Â
About Enterprise Risk Management
Overview
Risk is unavoidable in carrying out the University’s mission and strategic objectives. Enterprise Risk Management (ERM) is the process of identifying the full spectrum of risks and opportunities that have the greatest potential to upset or enhance the University’s strategic goals. ERM provides senior leaders with a strategically aligned portfolio view of risks and the tools to effectively anticipate, respond, and capitalize on risks.Â
How to Wear Your Dosimeter
It's important to wear your dosimeter in the correct location, and each time you use or are around radiation sources. Below are the recommended locations to wear your dosimeter