Everyone at Monmouth University has a role in risk assessment and mitigation.
Risk assessment is a process through which major risks are identified and evaluated according to the goals of the University and the goals of an individual area. At Monmouth University an Institutional Risk Assessment is updated annually that includes a broad range of risks and associated controls.
Risk assessments can be beneficial to seasoned veterans as well as new employees. Brainstorming sessions about risk and risk-related activities can raise questions, provoke thoughts, and identify areas of risk never previously thought of or acted upon.
A risk is identified as anything that could hinder compliance with external or internal requirements. Adequate controls must then be put in place to reduce the likelihood of a risk coming to fruition, placing the administrative area or the University in danger of noncompliance. Administrative areas are required to comply with (among others) labor and tax laws, environmental laws, and with University policies. Protection of University assets and employee training are also among the key responsibilities of administrative areas.
An example of risk: An administrative area within Monmouth University experiences a high rate of turnover for a period of time resulting in a deterioration of workflow (inaccurate processing, missed deadlines, poor service to the University community, etc.). Controls that support the process are breaking down, jeopardizing the area’s ability to attain its goals. In this case, additional controls may need to be initiated to mitigate this area’s risk. Additional training may need to take place or an examination of the workflow process may need to be completed to reduce turnover of employees in this area.
Risk mitigation is an on-going process, and everyone at the University has a role in helping to identify risk areas and assist with implementing adequate controls whether the risk area is academic, athletic, or financial