MIT created Risk Management & Compliance Services to develop and implement a framework that guides members of the MIT community in taking informed risks. Leveraging existing risk management models and identifying areas where such processes can be enhanced, we assist administrators, heads of academic, research, and central departments, labs, and centers (DLCs), as well as individual members of the MIT community in incorporating MIT-appropriate risk management into their Institute activities.
We provide an important resource for those who want a better understanding of how to recognize and appropriately accept and manage risk in their MIT activities.
The types of risks that must be managed on a campus like MIT’s range from the safety and security of the members of our community to financial risks and privacy issues. We work closely with departments across the Institute that are involved in risk assessment and risk management—the Audit Division, the Insurance Office, and the Office of the General Counsel, for example—to coordinate efforts and provide a synergistic service to MIT.
Here are just a few of the key roles performed by Risk Management & Compliance Services:
- Work with MIT’s Risk Council to create and foster a comprehensive system of Institute-wide risk recognition, acceptance, mitigation, and management.
- Develop as a resource to administrators and academic, research, and central DLC heads, as well as to MIT community members seeking to understand and manage risks in MIT activity.
- Educate the MIT community in risk management principles and techniques.
Risk at MIT is an important topic of MIT governance. The Risk and Audit Committee of the MIT Corporation oversees the activity and policies of Risk Management & Compliance Services.