For the purposes of ERM, the University is divided into ten functional areas. Specific University leaders are identified as owners of risks in each functional area. Risk owners are responsible for identifying and managing major risks within their functional areas. The ERM Committee is responsible for evaluating an annual risk inventory covering the major risks in each functional area. In consultation with the President, the ERM Committee makes a determination of the most significant risks. The Executive Committee of the Board of Directors is responsible for assigning individual risks to the appropriate Board Committee for oversight, and the Board's Audit Committee is responsible for the overall ERM process.