Enterprise Risk Management (ERM) is an institutionwide approach to identifying and responding to risks that threaten an institution's ability to achieve its objectives. Board members may use ERM to clarify the role of governance in risk management and decide whether the institution should take on new risks or reduce its current risks. Establishing a cross-functional ERM committee is an opportunity to advance some real thinking and truth-telling about the risks various individuals on campus see. This article presents the steps in establishing a sustainable ERM process in campuses.