Risk Initiative Steering Committee
The University’s Risk Initiative Steering Committee (RISC) is an advisory group formed to strengthen and enhance the awareness of operational and enterprise related risk issues. The RISC seeks to assist University leadership with an aggregate understanding of University risks and facilitate a centralized approach to identifying and reporting on risk information. The RISC will accomplish this by working with specific functions and areas within the University which are tasked with risk assessment, tracking, and reporting.
The RISC is empowered to strengthen and enhance the awareness of operational and enterprise related risk issues within the University’s leadership. The Committee will accomplish this by identifying Key Enterprise Risks for the University, managing Open Risk Action Items, and centrally discussing and making recommendations on items of risk impact. The RISC will report directly to the EVP & General Counsel, as liaison to the President’s Senior Staff. The RISC will identify and calibrate operational and enterprise risks, summarize risk trend information and bring top risk issues to the attention of the President’s Senior Staff.
ObjectivesThe RISC will assist in the assessment and identification of Key Enterprise Risks for the University. Key Enterprise Risks shall consist of specific risk issues which are pertinent to the University across multiple schools and/or central administrative units or which exceed a threshold of potential loss or impact to be determined by the President’s Senior Staff (PSS).
The RISC will review the University’s list of current and unresolved Open Risk Action Items. Open Risk Action items may be sourced from one or more of the following sources: unmitigated key risks, procedural failures or policy gaps, current regulatory or legal issues, research or ORI report findings, compliance assessment reports, or searching for new or ongoing investigations.
The RISC will review and evaluate risk related decisions which are specifically tasked to it by the President’s ERM Executive Team (PEE). The RISC will communicate regularly with the University’s Compliance Committee (UCC) and discuss related open compliance issues with significant risk impact.