Universities traditionally manage risks with a siloed, transactional approach. While this approach may mitigate an individual matter at hand, it does little to identify strategic and reputational risks that can impact Ball State’s ability to meet its missions and goals. Enterprise risk management (ERM) offers Ball State a method for integrating risk into the strategic decisions of senior leaders and board members, better positioning the university to accomplish its objectives.
Adopting an ERM approach helps Ball State to:
- Bring leaders across campus together to think about risk
broadly, through matrices and strategic planning
- Address the rapidly changing risks affecting higher education
- Recognize a range of risks and collaboratively plan ahead to
- Respond to increased regulation in higher education
- Reduce the costs associated with increased accountability