The President of the university has designated the Vice President of Human Resources and Compliance as the officer responsible for the university's program of risk management. Risk management is a process of identifying, analyzing, and evaluating the risks inherent in the operation of the university and taking steps to control or manage those risks. Risks may be managed by choosing to avoid the risk, transferring the risk to another party, by controlling or eliminating the risk, or by the acceptance of the risk and taking appropriate steps to fund the cost of risk.
At Northern Illinois University, the management of risk is a shared process involving all of the university's divisions. Risk management is practiced by and within academic and student service units as well as support units such as Environmental, Health and Safety, Legal Services, and Human Resource Services.
Compliance Administration maintains responsibility for specific areas of risk management. These include employment practices and the procurement of insurance to protect the resources and assets of the university.