Enterprise Risk Management at the State University of New York: A Benchmark for Saudi Universities

Abstract

Universities face constantly a variety of risks, including strategic, financial, operational, compliance, and reputational risks. To help ensure goals and objectives are met, universities must manage these risks. While some organizations manage risk using an informal process, others have a formalized structured approach. Enterprise Risk Management, ERM, is a formal and continuous process that is designed to identify, assess, prioritize, and manage all risks and opportunities for an institution. The study proposes the use of ERM processes as used in the State University of New York as a benchmark or a reference for Saudi Universities.