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Enterprise Risk Management

Due to the growing challenges and demands that institutions face, a traditional risk management approach is no longer enough. Institutions need to take a more strategic and holistic management of risk, not simply to avoid landmines, but to enable the exploration of opportunities. Institutions face a business environment that is growing in scope and complexity, including non-traditional business ventures; online courses and international academic programs; increased use of information technology and increased regulatory requirements.

Institutions that fail to assess and plan for the potential risks may open themselves up to missed opportunities; disallowances and fines; increased regulatory enforcement and tarnished reputations. Institutions that respond appropriately to the challenges will not only be more agile in managing the associated risks, but also find opportunities for growth. 

BlumShapiro's ERM Process

At BlumShapiro, our ERM team has extensive experience and a strong understanding of higher education—its culture, systems, organization and external environment. We work with our clients to help address the unacceptable risks and missed opportunities that can significantly impact the institution’s success—helping to explore “what needs to go right” and “what can’t go wrong.” We look at each client’s unique needs and develop a deeper understanding of their business, systems, external environment and organizational culture in order to build an ongoing ERM business that adds value for our clients.

Within the four-stage process, distinct elements of our methodology include:

Stage 1: Risk Identification

Stage 2: Risk Assessment

Stage 3: Management and Treatment

Stage 4: Monitoring and Communication

We will tailor our methodology to address each client’s individual needs and culture. This positions us to deliver superior services that clients like you expect from a trusted business advisor.

Contact our Enterprise Risk Management Team for more information:



Advisors | Auditors | Consultants | CPAs – BlumShapiro is one of the premier Education accounting firms in New England and a Top 100 CPA Firm in the U.S. Our professionals serve private schools, independent schools, colleges, universities and higher education institutions in Boston (MA), Hartford (CT), Cranston (RI), Shelton (CT) and Quincy (MA) with audit, tax and business consulting services. We are members of the National Association of College and University Business Officers, Connecticut Association of Independent Schools, New York State Association of Independent Schools and Association of Independent Schools New England