Welcome to the Office of Risk Management!
The Office of Risk Management provides governance, framework, and guidance to help leadership and stakeholders identify, analyze, and address risks and opportunities associated with achievement of the university’s mission and goals. Through an Enterprise Risk Management approach, the Office contributes to Florida Tech’s sustainability and success by minimizing the likelihood and impact of adverse events, encouraging optimal resource allocation, and facilitating a proactive response to changes in the university’s operating environment. It serves as an integral part of corporate governance and strategic planning, ensuring that the university can navigate challenges, capitalize on opportunities, and achieve its goals within an ever-changing world.
Objectives of our risk management program include:
- Integrating risk management into the strategic planning process to ensure alignment with the university’s overall strategic goals and objectives.
- Strengthening organizational resilience, mitigating loss, and helping realize the strategic plan through achievement of risk-informed business objectives.
- Driving value creation, preservation, and realization by enabling management to respond in a prompt, efficient, and effective manner to events that potentially create uncertainty and represent a significant threat or opportunity to university strategy.
- Systematically identifying and cataloguing risks that might adversely impact the university such as strategic, financial, operational, compliance, and reputational risks.
- Fostering a risk-conscious culture that encourages all levels of the organization to contribute to the identification process.
- Providing stakeholders a more complete picture of risks and how they interrelate.
- Assessing the interconnectivity of risks and understanding how they collectively affect achievement of objectives.
- Considering the likelihood and potential severity of impact to develop a holistic view of identified risks.
- Replacing siloed “issues-based” risk management with a proactive cross functional method where practicable.
- Prioritizing risks based on their importance, likelihood, and potential impact on strategic achievement.
- Informing optimal resource allocation efforts to implement effective risk responses.
- Enhancing decision-making by providing a timely, relevant, and comprehensive understanding of risks and opportunities.
- Enabling a risk benefit perspective of decision making from strategic planning to day-to-day operations in pursuit of university goals.
- Embracing opportunities, measured risk-taking, and structured decision making on the journey to realizing strategy.
- Developing and facilitating implementation of proactive risk mitigation strategies to reduce the likelihood and impact of identified risks.
- Fostering a culture of innovation and adaptability to turn risks into opportunities for improvement and growth.
- Facilitating the creation of policies and processes to ensure compliance with applicable laws, regulations, and industry standards & best practices.
- Mitigating the risks associated with non-compliance and potential legal or regulatory penalties.
- Improving the university’s ability to anticipate, prepare for, respond to, and recover from unexpected disruptions.
- Developing and testing contingency plans to ensure business continuity amid disruption.
- Ensuring expectations relating to the university’s culture, values, transparency, and risk awareness are in place.
- Fostering a systemic risk-conscious culture through cross functional collaboration, training, communication, and awareness initiatives.
- Encouraging employees at all levels to take an active role in identifying and managing risks.
- Implementing mechanisms for continuous monitoring of risks, including changes in the operating environment and emerging risks.
- Establishing a feedback loop for ongoing improvement, adapting risk management practices based on lessons learned and changing circumstances.