Dear TCNJ Community,
Managing risk—environmental, economic, political and physical—is among the most important responsibilities of a college.
At The College of New Jersey, we manage risk through a holistic process known as Enterprise Risk Management (ERM). Through ERM we identify, assess, communicate and manage a wide range of risks. Our goal is to reduce the likelihood and negative impact of any risk event.
Several years ago in launching the College’s ERM program, the president appointed the ERM Workgroup, a standing task force composed of the Treasurer, General Counsel, Director of Internal Audit, and Director of Compliance. To identify risks relevant to the College, the ERM Workgroup periodically surveys risks inherent to the higher education industry and conducts a TCNJ assessment, which includes interviews with College stakeholders.
TCNJ’s risks and sub-risks fall into a common set of risk categories: Campus Climate, Enrollment Management and Academic Model, Business Model Sustainability, Campus and Student Support Services, Safety and Security, Talent Management and Retention, Physical Plant, Information Technology, External Compliance and Risk Management, and Research and Sponsored Projects. Reputational risk is inherent across all of these risk categories.
Already the ERM Workgroup and campus leaders have reviewed existing enterprise risks and sub-risks facing the College, developed and presented to Board of Trustees committees mitigation plans or “deep dives” to address those risks, identified new or emerging risks, and, with oversight from the Audit, Risk Management and Compliance Committee of the Board of Trustees, periodically evaluated the ERM program.
This active, ongoing process requires the support of many individuals across the College. Thank you for your assistance and full cooperation as we identify and mitigate risks affecting the College.
As we continue to address risks, we will update this website with educational information and risk status updates. Thank you for your support as we advance this important initiative of TCNJ.
With warm regards,