Enterprise Risk Management (ERM) is a method of managing a university’s risks across teaching and learning, research and administrative operations and is an important element in the governance framework. It replaces an earlier view where risk was managed in “silos” such as safety, litigation, fraud, etc. Having this “enterprise” view of risk is increasingly important to external stakeholders, Senior Executives, University Councils or Senates. Risk management strategies, policies and procedures at universities are standard features of internal and external audit reviews. Large sector losses (such as to property), increased litigation, shrinking financial resources and fluctuations in student numbers are creating challenges for university strategic and operational planning. ERM programs are designed to increase stability on campus and to allow institutions to confidently take advantage of opportunities as they arise.