Bill Ziebell and Mike Pesch discuss how to effectively manage overall risk for long-term sustainability by assessing the significance of specific risks that include human capital as well as property and casualty concerns. They also explore the use of risk surveys to create risk maps that provide a quick-reference guide for insights into the state of an organization’s risk management program, individually, or from an industry perspective.
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As higher education institutions continue to embrace an enterprise approach to both risk and compliance, a practical and lasting model is needed to assure that a program will stand the test of time. Using the ISO standards and embracing a Centralized Oversight-Decentralized Implementation structure will greatly increase the likelihood of success. This model puts risk and compliance “ownership” in the hands of subject matter experts throughout the organization, while embedding the oversight and management of the program within the overall governance structure of the institution.
ISO 31000 (published in the United States as ISO/ANSI/ASSE 31000) is the only international standard for the practice of risk management. It was issued in December of 2009, by an international working group that included technical advisors from 26 countries. ISO 31000 was intended to be a guide for practitioners, decision makers, policy makers and those interested in risk management. It provides a framework for organizations wanting to manage risk consistently, efficiently and effectively.
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