WHAT NEXT?: CURRENT PRIORITIES AND FUTURE DIRECTION
As the 2010 ERM Annual Report points out, the process of involving people in risk assessments, even with the most well-developed risk assessment tools, is only part of the process. "Successfully maintaining a large-scale organizational initiative such as ERM requires a comprehensive, broad based approach that is widely understood and used regularly to clearly articulate where risks and opportunities exist throughout the University" (p. 4). As ERM moves forward at UW, the focus is on a "greater refinement of institutional success metrics, increased assessments of risks identified, and continued expansion across the university to incorporate risk assessment into decision-making and strategic planning" (2012 Annual Report, p. 2). The objectives for 2013-2014 are: (1) strengthen oversight of the top risks and (2) enhance coordination and integration of ERM activities with decision-making processes. Several initiatives will help UW achieve these objectives, including seeking input and approval from the PACERM in order to elevate the monitoring of the top risks; a comparison of the institutional-level risks with unit-level risks; the development of quantitative visual representations of the risks, metrics, and targets; engaging the community more broadly in risk management; integrating risk management with the budget and planning cycle for the university; a retrospective analysis of risks and mitigation investments; and a forward-looking analysis to highlight gaps and areas of concern. They are also in the process of developing specific deliverables and measures as indicators of success, such as executive-level risk registers, dashboards of key risks, and a foundation and structure to integrate risk maps and dashboards with the planning and budgeting cycle.