University of Vermont

Enterprise Risk Management

history

History of UVM's ERM Program

2009

President Fogel approves ERM program and appoints the Vice President for Finance & Administration as UVM’s Chief Risk Officer

Board of Trustees Audit Committee forms an ERM Working Group

2010

1st ERM Advisory Committee drafts ERM program, process/timeline, risk assessment tool

Board of Trustees calls for external consultant review of ERM implementation plans

Consultant Arthur J. Gallagher issues independent report of UVM’s ERM efforts to date

President’s Advisory Committee on ERM established

Additional ERM research conducted using resources from internal audit, internal control, board governance, and higher education perspectives and review of ERM programs at 29 institutions

2011

ERM Advisory Committee Co-Chairs and Deputy Compliance Officer interview senior UVM officials to identify risks and opportunities facing UVM

ERM program purpose and goals, guiding principles, framework, roles and responsibilities, and institutional risk philosophy statement approved by Board of Trustees ERM Working Group, Audit Committee, and Committee of the Whole

2012

Guide to Risk Assessment & Response (including assessment scales and heat map) developed and piloted with Provost-requested risk assessment of “International Enrollment” initiative.

ERM staff prepare UVM Preliminary Risk Inventory

ERM Advisory Committee reestablished


Last modified July 13 2012 11:23 AM

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