While we often associate risk with financial matters, e.g. investments, insurance, loss prevention, there are many types of risk. The University broadly defines risk as any issue that could impact the University's ability to meet its business objectives. In other words, risk applies to many different aspects of our work.
Specifically, the University is concerned with five risk areas.
- Compliance - Compliance risks involves violation of either federal or state laws and regulations. For example, not adhering to the Fair Labor Standards Act requirements.
- Financial - Financial risks involve loss of assets. For example, personal use of the PCard.
- Operational - Operational risks involve interruption or cessation of business activities. For example, loss of utilities.
- Life Safety - Life safety risks involves personal injury or death. For example, a sports injury.
- Reputational - Reputational risks involve tarnishing the University's name. For example, negative press releases.