Office of Risk Management

Bowie State University's Office of Risk Management (ORM) provides comprehensive risk management expertise, resources, and diverse insurance solutions to enhance the university's financial stability, physical safety, and reputational integrity. We actively collaborate and consult with campus stakeholders to identify and implement strategies that support Bowie State University's mission and capitalize on opportunities for growth and improvement.

The Office of Risk Management assists in the development of programs, policies and best practices to reduce the University’s total cost of risk.

Bowie State University follows a comprehensive approach to risk management, which includes the following steps:

• Risk Identification: Continuously identify significant risks arising from university operations.
• Risk Prioritization: Assess and prioritize risks based on their likelihood of occurrence and potential impact.
• Risk Mitigation: Develop and implement strategies to mitigate identified risks.
• Risk Reporting/Monitoring: Regularly monitor and evaluate the effectiveness of risk management efforts.

Enterprise Risk Management

Bowie State University's Enterprise Risk Management (ERM) program will address several risk categories, including but not limited to operational, financial, and strategic risks that could significantly impact the university's mission, vision, core functions, strategic themes, or high-value cross-functional processes.

Addressing Bowie State University's Top Risks will be the foundation of our framework and efforts, ensuring a streamlined and effective ERM process. This approach will yield long-term benefits by providing comprehensive risk management and safeguarding the university's future.

University System of Maryland policy requires that each institution implement ERM and submit a report of their findings to the System office annually. Bowie State University participates actively in the process. University leaders document new and emerging risks and assess mitigation strategies for each risk as part of the institutional ERM process.

Objectives

Bowie State University's ERM objectives are to:

• Leverage a systematic risk evaluation approach to enhance organizational performance in a meaningful and streamlined manner.
• Safeguard BSU’s most vital assets and resources through proactive risk management.
• Identify and address potential issues that pose significant barriers to achieving BSU’s strategic goals, working collaboratively to overcome them.
• Anticipate emerging risks to prepare for future challenges and seize new opportunities.

Evaluating Outcomes

The success of BSU’s ERM program will be measured in three primary ways: 

1. Risk vigilance and culture: Embed a responsible risk-taking and opportunity-seeking approach in BSU’s culture at all levels.
2. Risk identification and action: Implement systems to scan for emerging risks and opportunities, and alert and advise relevant stakeholders. ERM will ensure action is taken on a regular schedule to monitor and address identified risks. 
3. Risk calibration: ERM will develop a mix of qualitative and quantitative measures to guide decision-makers regarding the general risk tolerance of the organization, without dictating specific decisions.

Organizational Structure

The success of BSU’s ERM program is directly dependent upon individuals at every level of the institution, and across all schools and departments, working together.

The structure of our ERM program, outlined below, is intended to foster and facilitate collaboration and communication so that leadership recommendations and decisions will be made on a fully informed basis.

University System of Maryland: Board of Regents and Chancellor

The Board of Regents of the University System of Maryland approved its Enterprise Risk Management policy in November 2019. The policy "formalizes expectations of each University System of Maryland institution to establish an ongoing system of risk management appropriate to the institution’s mission and strategic initiatives" and establishes reporting expectations and processes for key risk items.

BSU President

The president — after consultation with the President’s Cabinet — will have final responsibility and authority for all ERM program decisions.

Enterprise Risk Management Responsible Officials 

This team will meet several times a year and review administrative and operational-level risks. It will be led by the Associate Director of Risk Management, with a broad range of members representing various mission areas, functions, and shared governance perspectives.

Associate Director of Risk Management (ADRM)

The ADRM provides oversight and guidance for the ERM program at Bowie State University, elevating it to new heights through comprehensive program development, analytics, and effective management. The Associate Director ensures seamless integration with the university's strategic plan and fosters strong relationships across BSU.