Desktop version

Home arrow Management

Leveraging Technology to Support ERM

UC continues to develop the ERM information system (ERMIS), a flexible and dynamic system, to give campus stakeholders at multiple levels the information they need to make business decisions in a timely and effective manner. The ERMIS essentially "democratizes" information, in that it has the ability to provide key data and reports to personnel at all levels and locations of the university. As the data integrated has become richer and its use more widespread, the value of the ERMIS has grown in creative ways.

The ERMIS started with simple risk assessment tools and expanded to include:

• Dashboard reporting on major areas of risk

• Control and accountability tracking platform

• Risk mitigation and monitoring tools

• Survey capabilities

All of these tools can be used independently or interdependently, allowing for:

• Better quantitative analysis capabilities

• Improved analytical and reporting capabilities

• Support for leading risk governance and compliance processes

• Systemwide visibility, with local flexibility

• Scalability without additional burden on UC staff

While the ERMIS dashboard system is prepopulated with some KPIs, UC continues to work with each location to develop KPIs that are helpful to supporting the location's own initiatives. ERM groups find the ERMIS to be an important tool for identifying and understanding risks. The system will also support the monitoring of internal controls and accountability, providing valuable information to the controllers and internal auditors. These capabilities lower the overall cost of risk (oftentimes associated with day-to-day operations) across the institution.

The creation of automated reports within the ERMIS increases workforce efficiency. Redundancy is reduced by the creation of automated reports made readily available to those with a need to know. Instead of having the same or similar reports being developed and maintained without the benefit of shared knowledge at different divisions, departments, schools, campuses, medical centers, and other

ERM Process

Exhibit 5.1 ERM Process

locations, the ERMIS enables sharing of analyses and information easily and efficiently across multiple different locations. (See Exhibits 5.1 and 5.2.)

< Prev   CONTENTS   Next >

Related topics