Yale University Director, Enterprise Risk Management February 2015
Director, Enterprise Risk Management Yale University seeks an outstanding leader with exceptional strategic and operational capabilities for the position of Director, Enterprise Risk Management (ERM). Reporting to the Vice President and General Counsel and serving as a key member of the standing Committee on Internal Controls, Compliance and Risk, the Director is responsible for the day-to-day coordination of the University s Enterprise Risk Management Program. Yale University Founded in 1701, Yale has grown from a small local college into a world-leading major research university with global reach. Its almost 12,000 students come from all 50 American states and over 100 countries. The nearly 4,000-member faculty is a diverse group of men and women who are leaders in their respective fields. Even as it has grown, Yale has continued to value and support a focus on teaching, small residential communities, community service and opportunities for learning in and beyond the classroom. Yale's mission is the creation, preservation and dissemination of knowledge to educate talented men and women for leadership in scholarship, the professions and society. Yale is well known for the strength of its undergraduate college, where its 5,300 students learn to lead and serve through a strong academic curriculum and participation in a host of extracurricular activities. Yale is a major research university with an annual budget of $3.2 billion, research expenditures in FY2013 of $699.3 million, and an endowment of approximately $23 billion. Led by a distinguished faculty, Yale conducts graduate and professional education and research in 13 graduate and professional schools that enroll more than 6,500 students: the Graduate School of Arts & Sciences, Divinity, Engineering & Applied Science, Forestry & Environmental Studies, Law, Management, Medicine, Nursing, Public Health and four schools of the arts: Architecture, Art, Drama and Music. It is home to one of the world's great libraries and three outstanding museums and galleries Peabody Museum of Natural History, the Yale University Art Gallery, and the Yale Center for British Art. Yale s 19-member board, known as the Yale Corporation, governs Yale. Comprised of ten Fellows elected by successors to the original trustees, six Fellows elected by the alumni, the President of the University (who presides over the board) and the Governor and Lieutenant Governor of Connecticut (ex officio), the Corporation oversees major policy, planning and strategic vision for the University. Appointed in 2013, Peter Salovey is Yale s 23rd president. Yale's central campus covers 310 acres stretching from the medical center just south of downtown New Haven to tree-shaded residential neighborhoods around the Divinity School. Yale's West Campus, located seven miles west of downtown New Haven on 136 acres, was acquired in 2007 and includes 1.6 million square feet of research, office and warehouse space that provides opportunities to enhance the University's medical and scientific research and other academic programs. The University also maintains over 600 acres of athletic fields and 2
natural preserves a short ride from the center of town. Yale and the City of New Haven have been strong partners in the redevelopment and revitalization of the downtown area. Risk Management at Yale The Office of Enterprise Risk Management (ERM) coordinates the University s risk management efforts and oversees the University s insurance portfolio with the assistance of two professional staff. It provides a framework for risk management that promotes a deliberate, coordinated, and anticipatory approach to risk identification, evaluation, and management. All Yale University faculty, staff, and students have a responsibility to identify and manage the risks associated with their activities, and the Office of ERM serves as a resource for risk management advice so that activities are carried out in a manner that considers strategic, operational, safety, financial, reputational, and legal risks. Yale formally established its enterprise risk program in 2007 and the inaugural leader served as a solid advocate, trainer, and reporter on ERM. Since that time Yale s ERM program has matured and now incorporates consistent ERM processes and regular discussions of risk at the senior leadership and trustee level. Yale has a well-developed risk registry and the Corporation receives an annual report from the ERM Director on the management of top tier risks. There is agreement among senior leadership that the principles and practice of ERM hold great promise for assisting the University community in making risk informed decisions. In the winter of 2013-2014 Yale engaged Grant Thornton to assess the status of its ERM program and provide recommendations to advance its maturity and effectiveness. Grant Thornton endorsed the structure of the program, which has the Director of ERM reporting administratively to the Vice President and General Counsel, participating as key member of the Committee on Internal Controls, Compliance and Risk, and providing periodic reports to the Vice President s Council and annual reports to the committees of the Yale Corporation charged with overseeing the risk management program. A new feature of the University s ERM program structure, which the new Director will implement, is the establishment of a Risk Council comprising key leaders from across the University to expand and deepen the use and knowledge of risk identification and management. The Director of Enterprise Risk Management The Director of Enterprise Risk Management (ERM) is the chief risk officer at Yale and reports administratively to the new Vice President and General Counsel, Alexander Dreier. Mr. Dreier (YL 95) is an attorney and former partner at Hogan Lovells in Washington, D.C., where he advised universities on key legal issues including research regulation, governance, international education, and risk management. The Director will promote governance, risk management, and compliance by serving on the standing Committee on Internal Controls, Compliance and Risk and through interactions with the Vice Presidents Council and reporting to the Yale Corporation. The Office of ERM coordinates the University s risk management 3
efforts and works with all University citizens to evaluate and manage strategic, operational, financial, safety, reputational and legal risk. The Director will assist the University in accomplishing its goals and objectives by serving as an advisor to senior leaders throughout the organization and enabling a systematized and considered approach to risk management. This is an exciting and major opportunity for the new Director of Enterprise Risk Management. The ERM program at Yale is on solid ground and poised to lead risk management efforts on a broader and more strategic level. The Director will: Provide strategic planning for the Office of Enterprise Risk and expand upon existing risk identification, assessment and management processes; Create a Risk Council to engage key managers and leaders from areas throughout the University and socialize and deepen the use and knowledge of risk analysis; Establish relationships with University Vice Presidents and other senior leaders assigned responsibility for specific risks identified in the University s risk register; Work with risks owners in a highly engaging and effective manner to identify and assess risks, and advise them in developing strategies to manage these risks; Network regularly with senior leaders in functional areas to monitor the University s critical risks and the status of initiatives undertaken to improve risk management capabilities, and facilitate sharing of best risk management practices across the University; Implement and maintain measurement methodologies to facilitate risk assessment, prioritization, and monitoring; Coordinate processes for aggregating risk information from various functional areas to enable analysis, reporting, and sharing of risk management data and knowledge with University Vice Presidents and the governing board; Build and maintain relationships with professional organizations and peers at other institutions to provide input and feedback on program effectiveness, and to keep wellinformed about contemporary risk-related issues affecting higher education; Perform other special projects as assigned. Qualifications The successful candidate will be collaborative and persuasive with excellent strategic and communication skills. S/he will have demonstrated success and relevant experience with large, complex organizations. The Director of Enterprise Risk Management will have the following credentials, experiences, capabilities, and attributes: Bachelor's Degree required and advanced degree preferred; ten to fifteen years of audit, risk, compliance and/or business administration experience in complex organizations managing multiple projects and tasks; Strong interpersonal skills and ability to build strong client relationships and work in 4
concert with others to accomplish goals and objectives; Strong ability to multi-task, prioritize and adapt to changing priorities; Superior service orientation, self initiative, and the ability to take charge and drive initiatives through to completion; Excellent project management skills; Experience in supporting governing boards, and in working with committees or subgroups on matters of risk; Strategic, innovative, and visionary qualities; Ability to work on a senior team as a listener, contributor, collaborator, mediator, and advocate interacting with all constituencies internal and external to a higher education research institution; An appreciation for the mission, traditions, and culture of the University that embrace a commitment to fairness, equity, confidentiality, and unwavering ethical values; Excellent listening skills; A strong communicator who is persuasive, inclusive, and engaging; A person recognized for honesty and integrity. Please send applications and nominations to the Brill Neumann team working on the search: Elizabeth Neumann, Matt Casey and Tom Phillips Brill Neumann Associates Fax: (617) 753-9330 Email: yuderm@brillneumann.com Yale University is committed to basing judgments concerning the admission, education, and employment of individuals upon their qualifications and abilities and affirmatively seeks to attract to its faculty, staff, and student body qualified persons of diverse backgrounds. 5