ECU joins national enterprise risk management task force

East Carolina University was recently selected to join several prestigious higher education institutions as a charter member of the new Higher Education Advanced Practice Enterprise Risk Management Group.

The group was formed by Yale University and the Massachusetts Institute of Technology and is focused on best practice sharing among institutions with recognized, respected and mature enterprise risk management (ERM) programs.

Tim Wiseman, ECU’s assistant vice chancellor for enterprise risk management, made two presentations to the group at its annual meeting at Yale.

“The inclusion of ECU in a group of advanced higher education top tier practitioners is an honor, and recognizes the dedicated efforts of ECU leaders over the past decade to develop a solid approach and framework for holistic enterprise-wide risk and opportunity management,” Wiseman said. “Sound ERM practices, when fully embraced and exercised, lead to better risk-informed decision making, institutional value preservation and creation, and stewardship of resources.”

Other members of the Higher Education Advanced Practice ERM Group include Boston University, CalTech, Carnegie Mellon University, Cornell, Duke University, Emory University, Harvard, Indiana University, Johns Hopkins University, MIT, Northwestern, Penn State University, Princeton, Stanford, Syracuse University, Tufts, University of California, University of Cincinnati, University of Illinois, University of North Carolina Greensboro, University of Pennsylvania, University of Rochester, University of Texas System, University of Virginia, Washington University in St. Louis, and Yale.

ECU also has been helping the UNC system in the development of an ERM framework and facilitated two workshops this year for other UNC institutions working to develop ERM programs.

Enterprise risk management is an approach to managing all of an organization’s key business risks and opportunities with the intent of maximizing the shareholder value or stakeholder satisfaction.

“Being a part of this advanced practitioner group allows us to share best practices and gain insight into current and emerging risks in higher education institutions and proactively employ risk treatments to minimize potential negative consequences of risks and to make better risk-informed strategic decisions,” Wiseman said.

 

-by Jules Norwood, ECU News Services