Enterprise Risk Management (ERM) is a coordinated approach to assess, analyze, mitigate and monitor risks and opportunities that affect the achievement of the University's strategic and financial objectives. Historically, risks have been viewed as something to avoid or eliminate. ERM takes a broader view to evaluate risks and opportunities. It should be through of as a tool or approach to improve decision making and resource allocation rather than as a separate administrative process.
With the full support of University leadership, the University of Maryland has initiated a process to establish an Enterprise Risk Management Program on the College Park campus. Enterprise Risk Management (ERM) is a structured, consistent, and continuous risk management process that integrates risk into strategic decision making across the entire institution. ERM brings value by anticipating and managing the Strategic, Compliance, Operational, Financial and Reputational risks that can adversely impact the University's ability to achieve its objectives. The core concept is that ERM is holistic and applies to broad functions and broad areas across an organization. Through ERM, an institution seizes opportunities and manages adversity.