Risk Management Framework
The University has a statutory obligation for risk that is set out in The University of Adelaide Act.
In addition, it recognises that risk management is an integral part of good governance and best management practice for an organisation charged with responsibility for the advancement of learning and knowledge and university education.
The University’s Risk Management Framework connects the University’s governance structure and the management structure so that the two work together to provide a combined commitment, set of expectations, and organisational and personal accountabilities and responsibilities.
The Council, the Audit Compliance and Risk Committee and the Vice-Chancellor and President, have ultimate responsibility for risk within the University. From this highest level of governance and management, each of the Divisions, led by the Vice Presidents, work with the Faculties, Schools and administrative areas so that risks are managed strategically and operationally. For the University’s Controlled Entities, the Board and Senior Management of each entity takes responsibility for managing their risks.
The University has adopted the principles of risk management as set out in the International, Risk Management Standard - AS/NZS ISO 31000:2009 Risk Management – Principles and guidelines.
- Risk Policy
The Risk Policy formally affirms the University’s strategic commitment to building a risk management culture in which risks and opportunities are identified and managed effectively. The University recognises that, in pursuing its strategic objectives, measured risk-taking is both acceptable and appropriate.
- Risk Management Handbook
The Risk Management Handbook provides details on the principles and processes identified in the Policy. The Handbook includes resources which have been designed to assist with the risk management process and to encourage a consistent and comprehensive language and approach to managing risk across the whole University.
- University Risk Matrix
The University Risk Matrix outlines the categories of likelihood and consequence and the 5 x 5 risk rating matrix. The Matrix also identifies the management action required for risks rated extreme, high, medium and low risk.