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.

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.