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The purpose of UVM’s enterprise risk management (ERM) program is to enhance the University’s ability to achieve its mission, vision, and strategic objectives and strengthen its competitive position by fostering an institution-wide culture of risk and opportunity awareness and providing a structured, consistent, and continuous process for the early and proactive identification and reporting of material risks and opportunities to senior management and trustees.

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, considering 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 a biennial 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.

Contact Us at Enterprise Risk Management

284 East Ave.
Burlington, Vermont 05405
Tessa Lucey, Director of Compliance Services & Chief Privacy Officer
Phone: (802) 656-3086
Email: erm@uvm.edu