Enterprise Risk Management at NYU
The focus of NYU’s ERM department is to recognize the university’s goals, identify risks to these goals and work toward mitigating and managing these risks while helping the university to grow as an organization.
The ERM program works to identify risks and consequences and their effect on the University community. Within these risks, we then work closely with the risk owners to assess the likelihood of the risks, the time frame of the consequences, the impact it may have on the university and the preparedness toward the risk. Once these are identified, determining an acceptable tolerable level of the risk is important in building a mitigation strategy.
What is Risk?
While risk has a variety of meanings, within the realm of insurance and risk management, risk is an uncertainty about an outcome an organization takes, whether that outcome is positive or negative. All activities in an organization involve risk.
Risks can be associated in a variety of categories including;
- health & safety,
- environmental and many more.
Risks are also categorized throughout many levels at an organization depending upon their impact. These levels may include organization wide risks, project or process specific risks or strategic risks.