STRATEGIC RISK MANAGEMENT
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1 STRATEGIC RISK MANAGEMENT NORTH CAROLINA STATE UNIVERSITY ADMINISTRATIVE LEADERSHIP MEETING SEPTEMBER 11, 2012
2 SRM Broader than Traditional Risk Management Everyday Risks Strategic Risks Compliance Exercise Strategic Tool Loss Prevention 2
3 NC State Manages Risks Everyday 4 T s of Risk Management: Tolerate, Terminate, Treat and Transfer Examples: Insurance & Risk Management Department Compliance Calendar pliance/compliancereportingcalendar.php 3
4 Why Adopt SRM? Tulane (Hurricane Katrina) Va Tech (Choi murdered 32 people) Duke (Lacrosse case) Emory (COI and Ethics) FAMU (Band hazing death) Penn State (Sandusky scandal) UNC Chapel Hill (athletics and academic) 4
5 Strategic Risk Management SRM is a process to help manage unfolding risks that might impact strategic success Range of Uncertainty Develop Strategies Now Time Observe Performance Later 5
6 Strategic Risk Management Process Objective Setting Communication, and Monitoring Risk Response Internal Environment Risk Assessment Risk Identification Source: The Committee of Sponsoring Organizations of the Treadway Commission 6
7 NC State s Strategic Goals 1. Enhance the success of our students through educational innovation. 2. Enhance scholarship and research by investing in faculty and infrastructure. 3. Enhance interdisciplinary scholarship to address the grand challenges of society. 4. Enhance organizational excellence by creating a culture of constant improvement. 5. Enhance local and global engagement through focused strategic partnerships. 7
8 Strategic Risk Management: Risk Identification Risks identified through interviews of EOs, Deans and the Executive Committee of the BOT: 1. What are the top 3 strategic risks that NC State faces over the next 2 years that could have significant adverse effect on NC State s ability to achieve its mission and strategic goals? 2. How would you rate these risks (scale of 1 3, with 1 being highly likely) in terms of likelihood of occurrences and severity of impact? 8
9 Strategic Risk Management: Risk Assessment Risks prioritized to Top 10 and Top by the EOs. Assessed probability and impact of risks. Assigned Risk Owners among EOs (selected primary owners where multiple ones exist, noted with asterisks on next slides) Analyzed Top 10 risks focusing on consequences if risks occurred; assessed current management controls to prevent these occurrences 9
10 Strategic Risk Management: Top Ten Risks And Owners TOP TEN RISKS Planning and Allocation of Resources due to continued decline in state appropriations Personnel Management restrictions on hiring and compensation RISK OWNERS Provost and EVC* VC for Finance & Business* Assistant to the Chancellor for External Affairs Provost and EVC VC for Finance & Business* Self-Governing Restrictions limited authority and restrictions on self governance Limited Endowment growing small value Chancellor* Provost and EVC Assistant to the Chancellor for External Affairs VC for Advancement 10
11 TOP TEN RISKS Cultural Issues excessive bureaucracy, lack of flexibility, too conservative risk profile Change Management failure to work as a unified team Federal Funding Decline decrease in research and financial aid Succession Gaps insufficient succession planning RISK OWNERS Chancellor VC for Finance & Business VC and General Counsel* Chancellor VC for Research, Innovation and Economic Development Chancellor* Provost and EVC VC for Finance & Business 11
12 TOP TEN RISKS Reputation uncoordinated communications strategies, poor brand management, insufficient response planning RISK OWNERS Chancellor VC for University Advancement Director of Athletics Chief Communications Officer* Systems Shutdowns unpredicted emergency shutdowns of utilities and IT VC for Finance & Business* VC for Information Technology* 12
13 RISK: DECLINE IN FEDERAL FUNDING Example bow-tie Chart PROACTIVELY MANAGING CAUSES PROACTIVELY MANAGING CONSEQUENCES CAUSES TREATMENT RISK EVENT DESCRIPTION TREATMENT CONSEQUENCES Decline in federal research funding Communicat e impact of federal research funding on economic growth Advocate for research funding with federal delegation and business leaders Decrease in federal funding will lead to a loss of valuable research initiatives, resources and federal financial aid Diversify research funding sources, i.e., industry & foundations Improve competitiveness with training and proposal development assistance Inability to recruit and retain quality faculty, staff & grad students 13
14 Strategic Risk Management: Next Steps Colleges/divisions review top 10 university-wide risks Identify additional risks within a college /division that are strategic to the unit mission Determine if any college/division risks need to supplement the university-wide top 10 Assess adequacy of unit responses and treatment for causes/consequences 14
15 Discussion 15
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