I am unable to find where in the Site Administration settings I might be able to edit Rubric templates and I'm hoping that someone can point me in the right direction.
Thank you!
I'm not sure there is a setting in Site administration. I would create a new assignment, choosing Rubric in Grades and then select Advanced grading from Assignment navigation > Advanced settings. There you have the option to Create a new grading form from a template - you could click there and you would see shared templates available to you. You could then select one and edit it - and then save as a new template. (Just moving this to the Assignment forum...)