In the summer of 2007, the Association of Governing Boards of Universities and Colleges (AGB) and the National Association of College and University Business Officers (NACUBO) held a summit on enterprise risk management (ERM) in Washington DC with senior officers and trustees from several leading colleges and universities. Approximately 40 leaders--representing large and small as well as public and private institutions--attended the event. The summit opened with a presentation on implementing ERM in the for-profit financial services industry. The next morning the group heard four perspectives on risk management from a trustee, a chief risk officer (CRO), a president (CEO), and a chief business officer (CFO). After that, the group worked as a whole to develop a higher-education-specific model. The objectives of the summit were to begin to develop a robust, sustainable ERM model for colleges and universities, and to identify the appropriate ERM roles for presidents, CFOs and other senior managers, and trustees from large and small, public and private institutions. This paper presents the results of the summit. (Contains 1 chart and 7 footnotes.)