The Enterprise Risk Management Council (ERM Council) at George Mason University is responsible for establishing the ERM program, as well as identifying and providing insight on enterprise risk management and mitigation. This Council will foster a cohesive approach to assist Mason in sustaining its competitive advantage, solidifying its integrity and reputation, responding effectively when a significant event occurs, avoiding financial surprises, and effectively managing university resources.
The George Mason University President hereby charges the ERM Council to:
- Develop and implement a comprehensive university approach to ERM that provides key principles and concepts, a common language, clear direction and guidance, and risk assessment and management procedures as well as addresses policy.
- Integrate ERM practices into committees and working groups that address the key risk types across the university thereby supporting a culture of enterprise risk management and limiting the need to create additional venues and means of conducting ERM business.
- Monitor university programs and actions and address new and existing enterprise risks as well as emerging risks (e.g., new compliance requirements).
- Provide guidance and recommendations on identified enterprise risks and risk owner response and control activities from the strategic, financial, compliance, and operations and hazards perspectives in a manner that balances the University’s objectives and mission with responsible risk-taking.
ERM Council members will engage the units under their supervision such that each participates in ERM efforts commensurate with the risks and responsibilities associated with their role at George Mason University.