Enterprise Risk Management Program
New opportunities and challenges emerge every day for Virginia State University. Enterprise Risk Management (ERM) is a way to better manage these challenges. ERM will better position the University to make informed decisions on allocating resources to best support the mission.
ERM takes into consideration the following:
- How risks interrelate across campus and the degree to which those risks can impact efforts to achieve the University’s strategic goals.
- It emphasizes the importance of measuring what really matters to the University, the amount of risk the University can tolerate and what management efforts fit ERM within its culture.
- It helps the University to sustain a competitive advantage, respond effectively when a significant event occurs, avoid financial surprises, effectively manage scarce resources, define risk appetite and tolerance levels, determine the effectiveness of existing risk management controls, improve risk assessments, increase management and business unit accountability and allocate resources more effectively.
The University have a three tier Enterprise Risk Management structure:
- Enterprise Risk Management Executive Committee
- Enterprise Risk Management Advisory Committee
- Risk Management Sub-Committees
All Committee members will adhere to the Freedom of Information Act where appropriate and protect the confidentiality of proprietary information or any such other information in the interest of preserving University safety and protecting its employees.
ERM Committees Mission
Enterprise Risk Management Executive Committee:
The Enterprise Risk Management Executive Committee maintains oversight of the overall Virginia State University risk management process and approves risk strategies. The ERM Executive Committee will receive and review recommendations from the ERM Advisory Committee, and provide recommendations to the University President.
Enterprise Risk Management Advisory Committee:
The Enterprise Risk Management Advisory Committee is a standing committee and its composition is determined by the Vice President of Administration and Chief Financial Officer. Members are appointed because of their functional or leadership roles within the University. The ERM Advisory Committee has no executive powers or supervisory functions. Rather, it will function in a review and recommendation role to the Executive ERM Committee.
Risk Management Sub-Committees:
The Risk Management Sub-Committee is a committee of selected managers of the respective departments and other members. The designated member of the ERM Advisory Committee will serve as the chair of the Risk Management Sub-Committees.
ERM Committees Members
Enterprise Risk Management Executive Committee:
David Meadows, Vice President of Administration and Finance -Chair
Dale Mason, Director of Risk Management
Robert Corley, Academic Affairs -Representative
Stephanie Hayes, Deputy CIO for IT Administration-Representative
Enterprise Risk Management Advisory Committee:
Dale Mason, Director of Risk Management (Chair)
David Meadows, Vice President for Administration and Chief Financial Officer
Stephanie Hayes, Deputy CIO for IT Administration-Representative
Deborah Mallory, Athletics
Thomas Reed, Public Relations
Menjiwe Martin, Student Affairs
Milton Faison, Sponsor Research Programs
Lynette Hammond, Governmental Relations
Kenneth Barnard, Faculty Senate
David Weddle, Environmental Health & Safety
Robert Corley, Academic Affairs
Joanne Curtis-Taylor, Internal Audit*
Roscoe Roberts, General Counsel*
*will serve on the ERM Committee in an advisory capacity and will not be a voting member in decision-making
