Risk Management
Risk Management is the systematic and ongoing process of risk identification, assessment, treatment and monitoring. It can be applied at strategic, operational and project levels of University activities. Risk Management is about fully appreciating and recognising the risks we carry, not solely about limiting risk. The aim of Risk Management is to balance risk and reward in an informed manner.
The overarching objective of Risk Management is to ensure that risk identification, assessment and management occurs continuously in accordance with changes in the internal and external environment and that the University has processes in place to enable it to provide assurance to University management, the Council and external bodies that processes are effective in controlling risk.
Due to the legal, regulatory, financial and reputation implications associated with Entrepreneurial Projects, it is essential that risks associated with these Projects are properly identified, understood and controlled.
Risk Assessment is the systematic use of available information to estimate the likelihood that specified events would occur and to determine the magnitude of their consequences. The University has a defined Risk Assessment process for the effective assessment and management of risk.
The University has developed a Risk Identification and Assessment form to aid in the systematic assessment of risks associated with Entrepreneurial Projects. The form should be completed, and actions arising need to be managed via the IPM Team. As an up-to-date Risk Identification and Assessment needs to be in place for all Entrepreneurial Projects, the completed form should be forwarded by email to the Director, English Language and International Services whenever the document is modified.