RIT ERM Overview 2023

By cbscae | Updated: March 6, 2025, 3:09 p.m.

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Enterprise Risk Management Overview
February 2023
Presenters
Erika J. Duthiers
Associate Vice President 
of Compliance and Ethics

Christine Borrelli Smith 
Assistant Director 
of Compliance and Ethics
Agenda
Enterprise Risk Management (ERM) Overview
ERM Roles and Responsibilities
Top Enterprise Risks for Fiscal Year 2022
Lessons Learned
Resources and Tools
ERM Overview
What is ERM?
ERM is a systematic business process designed to...
Identify potential events that may negatively affect an organization.
Manage risks associated with those events in light of the organization's objectives.
ERM is owned by Senior Leadership.
ERM Risk Philosophy and Program Purpose

At RIT, we do not seek to eliminate all risk. We seek to be risk-aware and to effectively manage risk by identifying, understanding, assessing, and responding to the risks facing the university, taking into account their impact on the RIT Community and RIT’s standing, reputation, financial position, and performance.

Risk Philosophy
Program Purpose
The purpose is to enhance the University’s ability to achieve its mission, vision, and strategic objectives, and strengthen its competitive position by fostering a university-wide culture of risk awareness. 
ERM Goals and Objectives 
Create a culture of risk awareness
2. Reduce operational surprises and losses
3. Facilitate greater transparency and openness
4. Enhance enterprise decision making
5. Improve efficiency and effectiveness of risk management efforts
ERM Process 
ERM is a continuous cycle.
It is not a "one and done" process!
Risk Categories Assessed 
RIT measures against five primary risk categories
3
1
2
4
5
Strategic 
Operational
Financial
Legal and Compliance
Reputational
Risk Assessment Scales and Scoring 
Impact
Likelihood
Impact x Likelihood
 = Risk Score

Total: 1 to 25
See our ERM website for more details on Risk Assessment Categories, Scales, and Scoring.
Risk Responses
1
3
2
Accept
Avoid
Mitigate
4
Transfer (or share)
More details on Risk Response can be found here
 ERM Roles and Responsibilities
Roles and Responsibilities
URCN takes the survey
Office of Compliance and Ethics (OCE) facilitates the program and engages in the risk assessment process.
Top Enterprise Risks for Fiscal Year 2022
1
2
Cybersecurity
& Data Protection
COVID-19
3
4
5
Enrollment
External Funding
Physical Safety & Security
Top Enterprise Risks for FY 2022
6
7
Reputational & Brand Management
Recruiting & Retention
8
9
10
Research Compliance
Sexual and Gender-Based Harassment & Discrimination
Student Health & Wellbeing
Top Enterprise Risks for FY 2022 (Cont'd)
Lessons Learned
Lessons Learned
Requires buy-in from stakeholders
Requires time commitment 
Technology and costs may create challenges 
Distinctions between enterprise versus local risks can be challenging
Mitigating enterprise risk requires collaboration 
Communication at ALL levels is critical
Stakeholders get tangible value from ERM (additional resources, policies, and partnerships!)
We need to share what happens with the Risk Register
Resources and Tools
Resources and Tools can be found
on our website!
We're
HERE
to
HELP!
Contact Us
Christine Borrelli Smith 
Asst. Director of Compliance and Ethics  cbscae@rit.edu
Ext: 7186
Erika J. Duthiers
AVP of Compliance and Ethics
 ejdola@rit.edu
Ext: 6111

RIT ERM Overview 2023

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