With an ever-changing economy, external factors have made it undeniable the importance for companies to implement an enterprise risk management (ERM) program within the own organization. The need for ERM is present in almost all economic sectors, including higher education. An effective ERM program successfully identifies risks present internally and externally to the organization. Identifying key risk, prioritizing risk and implementing strategies will help avoid and mitigate risk that could have catastrophic implications. Ultimately, a strong ERM program will allow the organization to successfully manage risk by establishing a continuous process. The importance of enterprise risk management is to ensure that the program is not managed in individual departments, but rather using a holistic approach. According to Fraser & Simkins, in Enterprise Risk Management, the common result of one risk management approach is that risks are often managed inconsistently; These risks can be effectively managed within a single business unit to acceptable levels, but the risk treatments or lack thereof selected by the manager may unwittingly create or increase risks for other units within the organization. These stovepipes or silos as we understand them at Saint Mary's University create major rifts, and a thorough understanding of the organization's core operations is necessary to understand the implications of the major risks to which a company is exposed and then evaluate planned responses of the company at risk (Fraser & Simkins, 2010, p. 64). Training and orientation can help deepen your knowledge of administration. Having extensive knowledge of the industry and the regulations that govern it will also help with risk management, which can be achieved in part through