......is the effect of uncertainty on objectives or, put another way, the possibility that an event, action, or non-action will occur and adversely affect the achievement of objectives and to what extent.
Risk evaluation assists in making decisions based on the outcomes of risk analysis, about which risks need treatment and the priority for treatment implementation. Acceptable risk level is based on a balanced view of all the risks (portfolio) in the University's operating environment. Risk Management aims to ensure an appropriate balance between risk aversion and opportunity and gains.
Risk is inherent in the work of any major organization, and Binghamton University must responsibly balance duty of care with the entrepreneurial ethos and drive of a world-renowned research institution. At the same time, local control is the hallmark of successful risk management when supported by central efforts in the service of informed local decision-making and management, awareness promotion, and identification/prioritization of cross-cutting risk issues.