University Risk Management Initiative

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University Risk Management Initiative

• Enterprise Risk Management

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University Risk Management Initiative

• Enterprise Risk Management (ERM) is a system or
  process to deal with all risks facing an entire
  organization.
• The University Risk Management Initiative (URMI)
  is a systematic means to manage enterprise wide
  risks at OHIO.

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University Risk Management Initiative

• We do not want to eliminate all risk because we
  cannot have a reward without taking a risk.
  However, we can take actions to manage the amount
  of risk we need to take compared to the reward we
  hope to achieve.

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University Risk Management Initiative

• Why the URMI?
• If we can tame uncertainty and improve the
  decisions made in regard to risk, we will
  significantly improve our ability to accomplish
  our goals.
• URMI builds upon the benefits of traditional Risk
  Management by applying its principles to
  operational hazards, compliance, reputation and
  economic risks.

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University Risk Management Initiative

• The Five Steps of Managing Risk
• 1. Indentifying the Risks
• We cannot manage or control the risk until we
  know what it is.
• 2. Assessing the Risks
• Organizing the risks so we can better understand
  them.
• 3. Evaluating the Risks
• Prioritizing the list of risks to ensure the
  most effective utilization of available
  resources.
• 4. Mitigating the Risk
• Strategies to make the risks acceptable.
• 5. Monitoring
• Follow-up to ensure the plans are carried out.

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• Threats To Higher Education
• WHY URMI
• Kent State shooting (1970)
• Texas AM bonfire (1999)
• Seaton Hall fire (2000)
• World Trade Center (2001)
• Grover Water loss (2006)
• OU Computer Security (2006)
• Virginia Tech shooting (2007)
• Wall Street AIG (2008)
• Athens County Tornado (near miss) (2010)
• Clippinger Brough Fire losses (2011)

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University Risk Management Initiative

• The Bottom Line
• The URMI will allow OHIO to better identify,
  understand and manage all risk associated with
  achieving our mission.

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University Risk Management Initiative

• Thank You!