INTRODUCTION AND PURPOSE
The Office of Enterprise Risk Management (ERM) supports the University System of Georgia by providing a systematic, organized, and structured framework to align processes, people, systems, and information to mitigate or influence risk events that affect the attainment of key strategic goals and objectives adopted by the Board of Regents.
Each institution has risks that are unique to the mission and campus environment in which it operates. Risk management is an essential aspect of all institutional activities. Enterprise risks are significant conditions, events, circumstances, actions, or inactions that could adversely affect an institution’s ability to achieve objectives and execute strategies. Enterprise risks are categorized as:
- Strategic – Affects the achievement of overarching goals and objectives
- Compliance – Affects compliance with federal, state, and local laws, rules, and regulations
- Reputational – Affects public perception and the organization's overall reputation
- Financial – Affects assets, budgets, financial reporting and auditing
- Operational – Affects business processes, systems, technology, human resources, facilities, student services, and other areas that impact the efficiency or effectiveness of operations
Georgia College & State University manages risks through the ERM Task Force and Steering Committee represented by delegates of the major operational functions of the University that help ensure that risk management decisions are aligned with our strategies, made on an informed basis, and shared across our organization. This Charter outlines the roles and responsibilities of risk management at Georgia College.
MEMBERSHIP
- Project Champion – President
- Steering Committee - President’s Cabinet
- Task Force – University-wide representatives
- Risk Owners – Periodically identified by Project Champion
- Coordinator – Chief Audit Officer
COMMITTEES AND RESPONSIBILITIES
PROJECT CHAMPION
- Reports major risks (if any) to USG BOR when they are identified
- Prioritizes top objectives as necessary
- Assigns enterprise risk owners to address all key institutional risks
- Monitors the institution’s progress in mitigating risks at an acceptable tolerance level
- Guides the ERM Coordinator, Steering Committee, and Task Force
STEERING COMMITTEE
- Validates and recommends priorities of key risks identified by Task Force
- Recommends Risk Owners to the Project Champion
- Approves the risk tolerance associated with each key risk
- Works closely with risk owners to review current mitigation plans on key risks and to determine the effectiveness of controls
- Reviews mitigation plans from risk owners provided to the Champion
- Monitors progress of controls designed to mitigate risks to an acceptable level
TASK FORCE
- Has no executive powers or supervisory functions. Its role is to review and recommend on behalf of the entire university to the president and steering committee.
- Brainstorms on key risks for the institution based on the university’s objectives
- Scores risks and provides to the Steering Committee on an annual basis
- Determines and implements communication channels to enhance the ERM process
RISK OWNERS
- Research and document key risks and underlying risk components
- Delegates authority to establish and implement risk mitigation plans
- Tracks and periodically reports to the Steering Committee and Project Champion the progress of the controls designed to mitigate risks
COORDINATOR
- Maintains ERM framework records
- Facilitates meetings and leads discussions
- Reports significant risks to the USG BOR periodically as determined by the USG Office of Risk Management ERM reporting process
ANNUAL CHARTER REVIEW AND EVALUATION
The Steering Committee and Task Force shall assess its activities and the responsibilities outlined in this Charter annually and shall take action, as needed, in response to this assessment. This assessment shall include a review of the adequacy of the ERM Charter. Recommended revisions to the Charter shall be submitted for approval to the President.