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UNCW Institutional Risk Management

UNCW Institutional Risk Management. Tier 1 Update and Trend Report & IRM Policy Overview Presented to the Audit Committee of the Board of Trustees April 3, 2014. Agenda. Tier 1 Update and Trend Report: Senior officer stakeholder analysis workshop

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UNCW Institutional Risk Management

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  1. UNCWInstitutional Risk Management Tier 1 Update and Trend Report & IRM Policy Overview Presented to the Audit Committee of the Board of Trustees April 3, 2014

  2. Agenda • Tier 1 Update and Trend Report: • Senior officer stakeholder analysis workshop • Interviews of key stakeholders/workgroup leads • Evaluation of key risk indicators • Risk trend and reason for change in trend • IRM Policy Overview • Policy overview • Policy review and implementation • Next steps

  3. UNCWInstitutional Risk ManagementTier 1 Update and Trend Report

  4. Tier 1 Update and Trend Report – 2013 vs. 2012 • Senior officer stakeholder analysis workshop • Interviews of key stakeholders/workgroup leads • Evaluation of key risk indicators • Risk trend and reason for change in trend

  5. Senior Officer Stakeholder Analysis Workshop • Objectives: • Ensure senior level officials are better informed about potential risks at an early stage • Have a dialogue about risks and opportunity through the prism of strategic priorities • In accordance with AGB Best Practices, have top administrators prioritize risks and become engaged in evaluating the effectiveness of risk mitigation strategies • Charge workgroups with next steps

  6. Senior Officer Stakeholder Analysis Workshop • Discussion: Areas of Challenge and Opportunity Through the prism of institutional priorities: student completion, student recruitment, attracting talent • Each item below received at least 22% of the total points for a particular question (Presented 5 questions and for each question with 5 possible responses, attendees were asked to anonymously rank the top 3.) • Diversity of faculty, staff and students • Employee collaboration and innovation • Compensation philosophy and faculty incentives • Carry forward reform • Enrollment yield and out of state demand elasticity • GA performance measures • Predictive analytics • Space utilization • Operational efficiency • Adherence/awareness of legislation, regulations and university policies • Policies/guidelines for applied learning, service learning and internships • Business continuity planning (disaster resilience) • Health and safety compliance

  7. Senior Officer Stakeholder Analysis Workshop • Assessment of Mitigation Strategies • Possible responses were Keep Doing the Same, May Be Able to Reduce Resources, Need to Apply More Resources, and Need to Try Different Approaches • Apply More Resources (Highest to Lowest) • Campus Health & Safety • Regulatory Intervention & Talent Management • Volatile Essential Resources • Continuity of Operations • Try Different Approaches (Highest to Lowest) • Continuity of Operations • Talent Management • Volatile Essential Resources

  8. Evaluation of Key Risk Indicators Regulatory Intervention – High Rating

  9. Evaluation of Key Risk Indicators Talent Management – High Rating

  10. Evaluation of Key Risk Indicators Campus Health & Safety – High Rating

  11. Evaluation of Key Risk Indicators Continuity of Operations – High Rating

  12. Evaluation of Key Risk Indicators Volatile Essential Resources – High Rating

  13. UNCWInstitutional Risk Management IRM Policy Overview

  14. IRM Policy Overview • IRM statement of goals and focus • Consistent approach by the entire university Policy Purpose • Standards include ISO 31000 and COSO • Approach reflects an understanding of the institution and its context • Principles reflect ISO 31000, Risk Management Principles and Guidelines Policy Approach and Policy Principles

  15. IRM Policy Overview • Board of Trustees • Chancellor • IRM Steering Committee • IRM Officer • IRM Committee • Executive Sponsors, have the authority and commitment to assist those accountable and responsible Responsibilities • Cyclical, regularprocesses • Formulation and evaluation of treatment measures Processes and Treatment

  16. IRM Policy Review and Implementation • Policy Review and Implementation: • IRM Steering Committee, Academic Coordinating Council, Student Affairs Directors, and Chancellor’s Cabinet • Implementation begins with the establishment of Executive Sponsors, effective July 1. • Next Steps: • Refinement of Key Risk Indicators • Repeat cycle of Risk Identification, including but not limited to: • Academic processes for applied learning and research support • Data security (intrusion protection and detection, vulnerability assessment and policy awareness and training)

  17. Questions

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