Risk management is about managing threats and opportunities; it refers to the coordinated activities that are taken by the University and its personnel to direct and control risk. All activities of a University involve risk. We manage risk by anticipating, understanding and deciding whether to modify it.
When the management of risk is effective it generally goes unnoticed. However, when it fails the impact may be felt across the entire organisation and the consequences may be publically embarrassing, politically damaging or even stop the business from operating. For a University, brand and reputation are critical; damage those and the impact will be felt in declining student enrolments, lost research opportunities or failed commercial partnerships.
Adopting good risk management practices ensures that the University as a whole, and its various components locally (including Faculties, Schools, Divisions, Branches, Entities etc), undertake activities in the knowledge that measures are in place to maximise the benefits and minimise the negative effect of any risks or opportunities that are presented in the course of achieving organisational objectives.
Risk management helps organisations, such as the University, become more efficient and effective by enhancing forward planning and critical thinking and allowing for better-informed decision making.
What we do
The Risk Management Team offers the following support, information and advice:
- Risk Management planning, assessment and advice
- University Risk Register (URR) System Administration and support
- Business Continuity Planning and advice
- Enterprise Risk Management – liaison and management
- Internal Audit - liaison and management
- Education and training on Risk Management issues