Frequently Asked Questions

Q. How is Enterprise Risk Management (ERM) different than the University Office of Risk Management?
ERM is strategic and provides a university-wide perspective of significant risks. The University Office of Risk Management is tactical, and is primarily concerned with insurance and workers compensation. Please refer to the Comparative Responsibilities table on the ERM Framework page for more information.

Q. What is considered a significant risk?
A. While there is no exact definition, the University of Illinois considers a risk significant if it creates a barrier to achieving its goals. Significant risks can impact the University financially or non-financially. See Calculate Risk Score on the Resources and Tools page for more information.

Q. What is the history of ERM in higher education?
A. While ERM is relatively new to higher education, it began in the 1990s as a way for business to manage compliance issues. In the early 2000s, universities began to recognize that new risks were threatening business-as-usual.

Q. How does the ERM process at the University of Illinois compare to peer institutions?
A. There is a wide spectrum of ERM processes that range between collaborative and intrusive. The University of Illinois ERM strives to be supportive and collaborative, recognizing that those closest to the risk can manage it the best. This is done by fostering a risk dialogue between university stakeholders, raising awareness of risk and uncertainty, recognizing risks that cross multiple boundaries, and providing support to manage risks.

Q. Where does the office of ERM report for administrative purposes?
A. For administrative purposes, ERM reports to the Executive Vice President & Vice President for Academic Affairs.

Q. What is the System Executive Risk Management Council?
A. The System Executive Risk Management Council (Risk Council) owns the ERM process. The committee is made up of:

  • President
  • Vice President / Chief Financial Officer (Chair)
  • Vice President Research
  • VP Academic Affairs
  • Vice President / Chancellor of UIUC
  • Vice President / Chancellor of UIC
  • Vice President / Chancellor of UIS
  • University Legal Council
  • University Compliance
  • University Audits
  • Enterprise Risk Management

Q. What are risk centers?
A. Risk centers are logical groupings of similar risks. Each Risk Center has a Risk Assessment Leader. The thirteen risk centers are:

  • Academic Affairs
  • Athletics
  • Business & Finance
  • External Relations
  • Facilities & Utilities
  • Governance & Organizational
  • Health System
  • Human Resources
  • Information Technology
  • Research
  • Safety
  • Student Affairs
  • Treasury

Last Updated: March 6, 2020