Enterprise Risk Management
Institutional Risk Philosophy
The University takes a broad view of risk as any event—positive or negative—that could affect the University’s competitive position or ability to achieve its mission, vision, and strategic objectives.
The University acknowledges that risk, in one form or another, is present in virtually all its endeavors, and that successful risk-taking will often be necessary to achieve its aims.
We therefore do not seek to eliminate all risk; rather, we seek to be risk-aware but not risk-averse, and to effectively manage the uncertainty inherent in our environment.
To this end, we seek to identify, understand, assess, and respond to the risks and opportunities we face, taking into account their impact on UVM’s people, standing, reputation, financial position, and performance. We further seek to pursue prudent risks or opportunities that we believe will generate sufficient and sustainable performance and value, avoid intolerable risks, manage residual risk within defined levels, and be prepared to respond to risks or appropriate opportunities when necessary.
Nothing contained in this Risk Philosophy shall take precedence over University policies or Board of Trustees’ resolutions. University management and the Board of Trustees, acting through the appropriate Board of Trustee committee, will assess the Risk Philosophy on an annual basis and report any recommended changes or revisions to the Board of Trustees. This review process is necessary to ensure that UVM’s Risk Philosophy remains consistent with the University’s objectives and is responsive to UVM’s evolving academic, research, and strategic priorities and competitive position.
Last modified June 20 2012 01:24 PM