Tackling Challenges: 2020-22 Key Initiatives Update From Risk Management Team
November 19, 2020
The working teams focused on the 2020-22 Key Initiatives identified by Interim President Gregory Postel are developing their plans to tackle current obstacles and explore innovative ideas to prepare UToledo for the future.
The teams will be providing preliminary updates of their planning process over the next several weeks. The campus community is invited to follow along with each team’s progress and offer ideas for improvement and innovation using the online recommendation form.
The Develop a Department and Plan for Enterprise Risk Management team is led Matt Schroeder, executive vice president for finance and administration and CFO, and Charles Jake, interim vice president and general counsel.
What are the key goals the team hopes to accomplish?
Our goals are to develop a request for proposals (RFP) process to identify a third-party consultant to assist with the initial analysis and create a framework for the enterprise risk management (ERM) program and to formulate a position description for a Chief Risk Officer to have a fully functional ERM program by the end of 2021.
What processes/issues is the team discussing and reviewing?
We are identifying and prioritizing the risks faced by UToledo and the current processes in place to manage them. We also are identifying a preliminary budget for ERM, which may be revised based on the consultant’s recommendations.
How is the team planning to engage members of the campus community throughout their process?
We have already received interest from members of the campus community. As the process continues we expect that we will discover issues that require expertise from members of the campus community who are not on the committee. We will reach out to these subject matter experts for guidance.
How does the team plan to measure success?
We will use the consultant’s recommendations as a benchmark to measure our progress against. Ultimately success will be determined by having the ERM program and Chief Risk Officer in place within the prescribed timelines.