Declining resources, new delivery models for education, questions regarding the value of research, issues surrounding athletics, physical security threats, and slowing demand for college graduates represent only a few of the risks on the horizon for colleges and universities. Higher education is transforming rapidly, creating both opportunities and threats for academic institutions. Faced with these new challenges, some institutions are reexamining how they identify, assess, and manage risks by embracing a more robust, top-down view of all types of risks. Business officers, who have an enterprise-wide perspective, can provide leadership roles in strengthening the robustness of their institutions' risk oversight processes through enterprise risk management (ERM). Released in conjunction with Business Officer Magazine's "En Garde with ERM" article, this essay in the "Perspectives" series explores North Carolina State University's formalized enterprise risk management process. The essay focuses on the business officer's leadership role in strengthening the institutions' risk oversight process to take advantage of upcoming opportunities and minimize potential threats.