【正文】 gly, it progresses to an Improved Practices state. In this “alignment” phase, the organization’s ERM efforts have moved beyond mere pliance. There is a certain level of risk ownership by the board of governors, but at this point the roles, responsibilities, and process have not been defined clearly and pletely. Finally, in the Optimized Practices state, the university has reached a stage in which ERM processes and responsibilities are fully established and have bee integrated into the organization’s strategy and day to day operations. The focus during this “integration” phase is now on continuously reevaluating risk and performance, and adjusting its response accordingly.Universities without a robust risk management framework are increasingly exploring and implementing new ERM processes, and making risk management an integral part of their planning and decision making processes, while universities that have already adopted ERM are altering their approach accordingly to reach an optimal state. Current trends include raising awareness through activities such as seeking internal and external stakeholder input, increasing munications of relevant risk management initiatives such as campus emergency munications, identifying risk champions to foster and develop new programs and processes, and involving university executives and the board in risk identification and assessment.Who’s responsible for risk management?Risk management is everyone’s responsibility, and the roles and responsibilities of stakeholders must be defined clearly. The board of governors, senior administration, and risk management and internal audit teams are responsible for understanding principal risks in their areas, and for making effective risk management decisions.Board of governors The board’s overall risk management mandate is to assess and remend improvements on how the principal risks of the university are being managed through an effective risk management and internal control system that VSTU help the university achieve its mission. Board members are 161。responsible for:? Determining a riskadjusted strategy.? Facilitating and encouraging a risk management culture.? Approving risk measurements, risk appetite, and tolerance levels.? Ensuring the university’s senior administrators have an approach to identifying emerging issues and possible impacts on university operations and business risks.? Reviewing controls and pliance with the university’s administration and audit teams, and seeking input on university and administrative best practices.? Understanding and providing oversight on the quality of the university’s overall risk management program implementation and execution.In determining its risk oversight structure, the board should identify where within its governance practices it addresses risk management matters from an enterprise wide perspective. In most cases, the audit mittee and the finance and administration vice presidents assume responsibility for risk oversight, including:? Providing the necessary checks and balances so that they are operating in an active oversight capacity.? Continuously reevaluating risk monitoring processes.? Reviewing and approving governance practices, policies, priorities, and procedures against best practices.? Ensuring that audit mittee and executing members have instituted processes to identify and inform the board of key strategic, reputational, operational, pliance, and financial risks the organization faces.? Advising and counseling the deans, professors, and functional unit heads.The board’s role is to focus on the overall approach to risk management, rather than on the administrative details. The more tactical aspects of the risk strategy are generally the responsibility of the university’s team of senior administrators.Senior administration Overseeing the university’s pliance with generally accepted accounting principles, practices, and requirements, and evaluating the university’s finance and accounting practices, risk management, and internal controls to ensure that they are appropriate and adequate is the responsibility of senior administration. Their other responsibilities can include:? Encouraging the right risks to drive business performance.? Identifying and prio