Board Policy

Policy Type: Board-Staff Linkage

BSL-4 – Risk Management and Reporting

Initial Date of Approval: October 13, 2026

Revision Dates:

The Board of Trustees is responsible for oversight of the College’s mission, financial integrity, legal compliance, accreditation status, and institutional sustainability. To support the Board’s fiduciary responsibilities, the president shall promptly notify the Board Chair and, as appropriate, the full Board of any material event that may significantly affect the College’s operations, legal standing, finances, accreditation, reputation, or ability to fulfill its mission.

RISK MANAGEMENT FRAMEWORK

The President shall maintain a risk management program designed to:

  1. Identify significant risks that may affect the College’s mission, operations, finances, reputation, compliance obligations, accreditation status, students, employees, facilities, information systems, or strategic objectives.
  2. Evaluate the likelihood and potential impact of identified risks.
  3. Establish risk mitigation and control strategies.
  4. Promote accountability for risk ownership and management.
  5. Integrate risk considerations into planning, budgeting, operations, and decision-making.
  6. Support institutional resilience and continuity of operations.

IMMEDIATE REPORTING OF MATERIAL RISKS

The President shall promptly notify the board Chair of any material risk event that may:

  1. Result in substantial financial loss or liability;
  2. Expose the College to significant litigation;
  3. Threaten institutional accreditation;
  4. Involve any external or internal investigation involving College employees;
  5. Affect the safety of students, employees, or the public;
  6. Constitute a significant breach of internal controls;
  7. Cause substantial operational disruption; or
  8. Create significant reputational harm to the College

ANNUAL REVIEW

At least annually, the President shall present to the board:

  1. An assessment of the overall effectiveness of the enterprise risk management program;
  2. Significant changes to the institutional risk profile;
  3. Trends in risk exposure;
  4. Internal and external audit results related to risk management; and
  5. Recommendations for strengthening institutional controls and risk mitigation.