Institutional Risk Management Program
The Institutional Risk Management (IRM) program provides Harvard's Schools, Central Administration Units, and other Harvard affiliates with a structured process to identify, assess, prioritize and manage risks and opportunities in support of the Harvard's academic and research mission.
The IRM program is overseen by the University Risk Management Council, co-chaired by the Executive Vice President and Vice President & Deputy to the President, and led by Risk Management and Audit Services (RMAS).
Please contact RMAS-info@harvard.edu for additional information regarding the IRM program, including the services we can provide to assist you in better understanding and managing your risks.
FAQs
The Joint Committee on Inspection (JCI) is comprised of selected members from Harvard’s two governing boards. The JCI assists the boards in fulfilling their oversight responsibilities in the areas of the integrity and appropriate transparency of the University’s annual financial statements and reports; the University’s internal financial and risk management systems and controls; the University’s internal audit function; the independent audit process, including by approving the appointment of the external auditor for the University’s annual financial audit and assessing its auditor’s performance; and the University’s processes for monitoring compliance with various laws, regulations, and University policies. In each of these areas, the Committee will be concerned with the University’s legal, financial, and reputational risks.
The University Risk Management Council (URMC) administers a structured approach to risk management that identifies and manages, to an acceptable level, the key risks that may adversely affect the University’s ability to achieve its goals and objectives. The Council reports to the President and the Harvard Corporation's Joint Committee on Inspection regarding the effectiveness of the University’s Risk Management Program. The URMC works with Harvard's Schools and Central Administration Units on continuous improvement of the University’s capabilities around managing priority risks.
The URMC meets quarterly and is co-chaired by the Executive Vice President and Deputy Provost. Membership is comprised of senior administrators and faculty from across Harvard University.