Risk universe is the full range of risks that could impact, either positively or negatively, on the ability of the University to achieve its strategic objectives.
Risk response plan is the process of developing and documenting strategic options, and determining actions, to enhance opportunities and reduce vulnerabilities for achieving desired objectives. Risk management framework is a system of monitoring, learning and improving performance, it articulates a set of principles for building or integrating processes.
Risk culture is the collective values, beliefs, knowledge, day to day operational activities and understanding on risk held by University members. Risk appetite is the level of risk the University is prepared to seek or accept in the pursuit of its strategic objectives. Risk is the effect of uncertainty on objectives. Risk Office is the organisational unit which coordinates risk management at the University. Member(s) includes all Council members, members of committees and boards, staff members, honorary and adjunct appointees, students, contractors, subcontractors, consultants, associates and business partners of the University. The following definitions apply to this document: Support risk management practices at the University Support to establish response plans for identified risks Manage risk effectively within business units Promote awareness of interdependency between strategy and riskĭesign and implement an insurance strategy and programmeĭevelop risk management policy, framework, strategy and principles and deliver associated awareness programmeĬoordinate awareness of interdependency between strategy and riskĬoordinate timely delivery of relevant risk management information to stakeholdersĪdvise management on risk management and response plans Implement the risk management policy and framework Lead development and application of risk management systems Take ownership of risks in area of responsibility and ensure such risks have response plans Review the Risk Management Policy and Framework annuallyįor further details refer UoA Audit and Risk Committee Terms of ReferenceĮndorse and champion the application of the risk management policy and frameworkĪdvocate awareness of interdependency between strategy and risk Monitor the management of material business risks, and ensure that appropriate procedures and conducts are in place to mitigate or manage those risks All members of the University have specific accountabilities for risk management:
Risk management policy iso#
Risk management is to be methodical, structured and follow the principles of ISO 31000:2018 and COSO - ERM - Integrating with Strategy and Performance.Ħ. Risk management is responsive to the University’s dynamic operating environment there is to be regular monitoring of the risk universe and any impact on strategy is to be identified, assessed and treated.ĥ. The cost of risk, financial and non-financial, is to be minimised wherever possible.Ĥ. Risk management aims to protect the University’s resources (people, property, financial, environmental and information) and reputation.ģ. It is integral to processes across all levels of the University and enables continuous improvement.Ģ. Risk management is critical for achieving strategy as an enabler of opportunity and underpins decision-making.
The guiding principles of risk management at the University are to be:ġ.
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