In December, 2016 Southern Methodist University launched the first Strategic Risk Assessment (SRA) to identify and prioritize risks that may prohibit the University from achieving it's strategic goals.
The objective of the SRA is to assist Southern Methodist University in the pursuit of it's strategic goals through the identification of risks that may prevent the University from achieving those goals, and to work toward mitigating and managing those risks.
Process
Every two years the SRA Team will conduct a survey to identify and rate risks. These risks are then analyzed and categorized according to type. The risk types that could have a higher impact on the University and have a higher likelihood of occurring are then addressed in subsequent years.
Current Initiatives
Currently the University has initiatives to address risks in the following three risk areas:
Information Technology
Compliance
Crisis Management
During the 2017-2018 year, the University worked on two additional areas identified in the December, 2016 survey: Finance and Infrastructure. Another survey will be conducted in the 2018-2019 year to help identify areas of risk to focus on in subsequent years.