Enterprise Risk Management
In Spring 2016, Chancellor Duncan presented his strategic initiatives to the Board of Regents, one of which was the implementation of Enterprise Risk Management processes across the Texas Tech University System. To assist with implementation, Chancellor Duncan appointed a committee with the following charge: “To oversee the development of Enterprise Risk Management (ERM) processes across the Texas Tech University System and to facilitate timely reporting of ERM information to executive management and the Board of Regents.”
In fulfillment of this charge, we have developed a framework and adopted consistent concepts to be used throughout the Texas Tech University System in the further development and implementation of ERM processes.
Definition of Enterprise Risk Management
Enterprise Risk Management (ERM) assesses and defines actions to be taken by the Board of Regents, Texas Tech University System Administration and/or the component institutions to identify, mitigate, and monitor risks that threaten the achievement of strategic plan goals and/or continuing operational activities.