ERM Presentation.pdf - University System of Georgia

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How does ERM “work?” (3/4)Step 3 – Identify Key RisksA. Brainstorm and assess risks – Steering Committee conducts initial riskassessment through calculation of impact and likelihood withoutconsideration of current controls or mitigation plans.1. Steering Committee must understand the key components/processassociated with selected objectives.2. Objectives may be assigned to a Project Owner/Responsible Individual foranalysis and presentation to the Steering Committee to assist with the riskdevelopment process.B. Assign risks rated 4 or higher to a specific Risk Owner.“Creating A More Educated Georgia”
How does ERM “work?” (4/4)Step 4 – Manage RisksA. Identify current controls and mitigation requirements – Risk ownersidentify the current controls, mitigation steps, or other actions alreadytaken by the institution to reduce risk. The risk is assessed again todetermine likelihood and impact.B. Develop mitigation plan for key risks – Risk owners develop mitigationplans for risks still ranked 4 or higher.C. Conduct quarterly meetings to review status – Steering Committee holdsquarterly meetings to approve and to review the status of risk ownermitigation plans. Risk scores may be adjusted by the SteeringCommittee to reflect the risk after implementation of the mitigation plan.D. Continue process – Steering Committee incorporates new risks into theERM process (steps 2-4) as current risks are mitigated“Creating A More Educated Georgia”
Page 1 and 2: University System of GeorgiaEnterpr
Page 3 and 4: What is ERM? (1/5)ERM is a process-
Page 5 and 6: What is ERM? (3/5)• ERM is not:-
Page 7 and 8: What is ERM? (5/5)7“Creating A Mo
Page 9: How does ERM “work?” (2/4)Step
Page 13 and 14: The Way Ahead13USO will support ERM

ERM Presentation.pdf - University System of Georgia

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