University of Vermont

Enterprise Risk Management

principles

ERM Guiding Principles

The University of Vermont seeks to establish a risk-aware institutional culture where consideration of both upside and downside risk is integrated into decision-making at all levels of the organization. The purpose of these guiding principles is to support that culture and set expectations for the behavior of University employees and administrators regarding risks and opportunities. 

  1. All individuals, regardless of their role at the University, are empowered and expected to report early on to senior management any perceived risks or opportunities and any near misses or failures of existing control measures, without fear of retribution.
  2. Risk management is integral to the management and future direction of the University and is a shared responsibility at all levels of the University.
  3. Ownership and management of risk will be retained within the University function, department, or unit that creates the risk or is best capable of responding to it.
  4. The University’s risk philosophy will guide strategic and operational decisions at all levels.
  5. UVM encourages an open and honest discussion of the institution’s environment, strategy, risks, opportunities, and actions taken in pursuit of its objectives.
  6. All credible reports of risks or opportunities are responded to promptly, incomplete reports are investigated with integrity by the responsible University official, and information about risks or opportunities is shared promptly with senior management and other key stakeholders.

Last modified June 20 2012 01:23 PM

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