Charge and commitment
In early 2012, the chairman of the Audit and Compliance Committee, along with the Virginia Commonwealth University president, the vice president of the Office of Finance and Administration and the executive director of the Department of Assurance Services expressed the need for an ERM program. At the Board of Visitors’ Audit and Compliance Committee meeting in February 2012, the committee requested that a white paper be developed to outline the process and benefits of an ERM program at VCU.
This white paper was presented at the Audit and Compliance Committee meeting in May 2012, at which time the rector requested that university management proceed with instituting an ERM program and provide quarterly updates to the Audit and Compliance Committee.
At the vice presidents’ meeting on June 16, 2012, the ERM program was reviewed and it was agreed that senior management (president and vice presidents) are project owners and ERM Implementation Committee oversight is the responsibility of the vice president of the Office of Finance and Administration and the executive director of the Department of Assurance Services.