Risk Management Process
An enterprise-wide risk management process should be built on an established and recognized framework, based on best-practices and adapted to components that align with the business’ specific needs. The framework for the organization’s risk profile should utilize internationally recognized standards as a model, which will better meet regulatory risk management and will also be more efficient in meeting the organization’s needs. The standards selected are then used as a general representation and guide to be utilized in developing the framework and processes in the risk management process. According to Elliott (2012), the six steps in the risk management process include identifying loss exposures, analyzing loss exposures, …show more content…
Founded in 2007 and opened in 2008, CSU-Global is an independent, 100% online, accredited university and is part of the great Colorado State University system. CSU-Global claims status as the first 100% online university and has administration from the Colorado State University System Board of Governors, with a chancellor appointed to oversee the university president. The school has grown from an initial class of 200 students to over 12,000 students enrolled currently (Colorado State University, 2016). As a public institution, funded primarily from taxpayer dollars, supplemented with tuition and fees, as well as all of the services delivered online, CSU-Global is an interesting and exceptional organization to analyze from a risk management …show more content…
While risk management processes have well developed standards and profiles, the process of identifying risks is an ongoing process that is more accurately structured as a continuous circle, instead of a step process with a beginning and an end. Through the traditional risk management process of first identifying loss exposures, analyzing loss exposures, examining the feasibility of risk management techniques, selecting the appropriate risk management techniques, implementing selected risk management techniques and finally monitoring results and revising the risk management program accordingly, the overall risk management profile is developed and improved. However, it is vital for the CSU-Global organization to commit sufficient resources and continuously maintain the comprehensive risk management process and framework. This provides a “no-surprises” operations method which allows the university to continue their business of providing online education as an accredited university, even in the face of a loss
An enterprise-wide risk management process should be built on an established and recognized framework, based on best-practices and adapted to components that align with the business’ specific needs. The framework for the organization’s risk profile should utilize internationally recognized standards as a model, which will better meet regulatory risk management and will also be more efficient in meeting the organization’s needs. The standards selected are then used as a general representation and guide to be utilized in developing the framework and processes in the risk management process. According to Elliott (2012), the six steps in the risk management process include identifying loss exposures, analyzing loss exposures, …show more content…
Founded in 2007 and opened in 2008, CSU-Global is an independent, 100% online, accredited university and is part of the great Colorado State University system. CSU-Global claims status as the first 100% online university and has administration from the Colorado State University System Board of Governors, with a chancellor appointed to oversee the university president. The school has grown from an initial class of 200 students to over 12,000 students enrolled currently (Colorado State University, 2016). As a public institution, funded primarily from taxpayer dollars, supplemented with tuition and fees, as well as all of the services delivered online, CSU-Global is an interesting and exceptional organization to analyze from a risk management …show more content…
While risk management processes have well developed standards and profiles, the process of identifying risks is an ongoing process that is more accurately structured as a continuous circle, instead of a step process with a beginning and an end. Through the traditional risk management process of first identifying loss exposures, analyzing loss exposures, examining the feasibility of risk management techniques, selecting the appropriate risk management techniques, implementing selected risk management techniques and finally monitoring results and revising the risk management program accordingly, the overall risk management profile is developed and improved. However, it is vital for the CSU-Global organization to commit sufficient resources and continuously maintain the comprehensive risk management process and framework. This provides a “no-surprises” operations method which allows the university to continue their business of providing online education as an accredited university, even in the face of a loss