Virginia Commonwealth University has selected a measurement-driven or middle-up approach for the ERM implementation that leverages the knowledge of seasoned administrators through a facilitated interview process. The information gained in these interviews will be combined with existing risk assessments and higher education industry risks. All of these risks will be consolidated and prioritized, and significant risks will be assigned an owner and responsible vice president in an accountability matrix, which is used for tracking and assignment of risk mitigation and management’s plans.
More details regarding VCU’s decision to implement the ERM program with a focus on reducing reputational risk with a measurement-driven approach can be found in the ERM white paper . Additionally, a timeline has been developed for the implementation of the ERM program, where the white paper’s theory is represented more tactically with specific project deliverables.