The University of Massachusetts Systemwide ERM Program's risk assessment tools focus on risks with systemwide impacts. The systemwide risk assessment tools assess the University system’s inherent exposure to risk, meaning the risk assessment process does not account for the implementation of mitigation strategies when evaluating inherent risk exposure. Evaluation of inherent risk provides the University with a baseline against which we can measure the impact of mitigation strategies (conducted through a separate risk mitigation assessment process).
Inherent risk is evaluated utilizing three factors:
- Likelihood: Could the University system experience this risk?
- Consequence: How much would the University system be impacted by this risk?
- Urgency: How soon does the University system need to prioritize this risk?
The product of the factors generates an Inherent Risk Score for each risk, and risks are then ranked based on the Inherent Risk Score.
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