Pratt Institute’s Risk Management Department provides advice, resources, technology and expertise to support people and departments across the Institute in managing their risks.
Risk Management Contact:
Director of Risk Management
What is Enterprise Risk Management?
Enterprise Risk Management (ERM) is a coordinated approach to identify potential events that may affect the Institute, manage the associated risks and opportunities, and provide reasonable assurance that the Institute’s mission, vision, and strategic objectives will be achieved. ERM helps ensure that the right information gets to the right people at the right time. By offering a strategically-aligned portfolio view of organizational challenges and opportunities, ERM creates a more risk-aware culture and offers insight into how best to prioritize and manage the risks inherent in carrying out the Institute’s mission to educate artist and creative professionals to be responsible contributors to society.
The role of ERM is to provide the governance, framework, and guidance to assist and support campus leadership and stakeholders in identifying events that have the potential to impact the Pratt community both positively and negatively, and to manage risks associated with those events. When applied effectively ERM can:
- Improve the Institute’s capability to sense and respond to emerging risks before they become crises
- Provide key information on strategic planning, performance management and budget decisions
- Improve coordination across functional silos
- Promote reliable reporting and monitoring across business units