This page will be used for information on special projects on risk identification cross-cutting departmental units during the year.
Risk management is the continuing process to identify, analyze, evaluate, and treat loss exposures and monitor risk control and financial resources to mitigate the adverse effects of loss. This description of management can also apply to other disciplines. Enterprise risk management expands the province of risk management to define risk as anything that can prevent the company from achieving its objectives. This concept of business analysis includes Internal Audit and COSO framework.
This definition includes financial risks such as changing interest rates, exchange rates, receivables (credit), equities; operational risks such as labor strikes; perimeter risks including weather or political change; and strategic risks including management changes or loss of reputation. This approach includes a cross section of other financial and operational managers to look at risk from the aggregate view of the organization. Marquette University has formed a risk assessment committee that meets periodically to review the entity's overall financial viability using an enterprise risk model.