Organisations of all kinds face challenging influences that make their operating environments uncertain.
These influences may impact on the extent to which objectives can be met. The effect this uncertainty has on the organisation’s objectives is known as 'risk'. Risk management refers to the coordinated activities that an organisation takes to direct and control risk. The University is not immune from risks and is required by statute to manage risk.
For a University, brand and reputation are very important; damage to brand and reputation may be transient or long lasting and will almost certainly effect rankings, research funding, ratings, research partnerships, and public and political sentiment and support; it can impact student enrolments, staff morale and community engagement.
Adopting good risk management ensures that the University can undertake activities in the knowledge that appropriate and adequate measures are in place to maximise the benefits and appropriate and adequate measures are in place to minimising the negative or unanticipated effects of any of the risks or opportunities that are presented in the course of achieving organisational objectives.