Enterprise Risk Management
Enterprise Risk Management (ERM)
ERM is the comprehensive process of identifying, assessing and managing significant risks to the university's strategic plan and mission, including threats and opportunities. K-State's ERM efforts are guided by the Kansas Board of Regents, or KBOR, which tasks us with establishing an executive risk council to lead risk-management efforts. Under the guidance of this group, we will identify, assess and manage risk exposures to acceptable levels, while efficiently using our resources to advance the university's goals. The university will use predetermined communication channels to ensure a transparent risk mitigation process as we promote a risk-aware culture throughout the K-State community.
ERM Leadership
The groups listed below are composed of multiple university departments and stakeholders with the goal of proactively managing risks that affect the Next-Gen K-State strategic plan and the university's mission.
Annual ERM Risk Assessment Process
Our assessment process is a collaboration between the groups noted above and internal audit. Internal audit performs annual assessments every October and November, assessing the effectiveness of existing risk controls and identifying gaps in our safeguards. ERM groups assess existing and emerging risks every March and April. Together, these groups develop new strategies for keeping the university safe and effective by taking the following steps:
- Scans the environment.
- Identifies universitywide risks.
- Assesses and evaluates risks.
- Prioritizes significant-level risks.
- Develops risk-mitigation plans.
- Monitors effectiveness of plans.
- Reports progress.
- Adjusts and evolves.