Why do we need Risk Management?
- In order to achieve the goals set out in Vision 2025, the University must pursue opportunities that involve some degree of risk. Risks are not necessarily negative and can often create opportunities which can be hugely beneficial.
- Allows the University to proactively manage its risks in a systematic and structured way in line with best practice.
- Ensures appropriate strategies are in place to mitigate risks and maximise opportunities.
- Protect the University’s reputation both nationally and internationally.
What is Risk Management?
- Risk management is a central part of any organisation’s strategic management.
- Being able to identify, understand and manage risks at all levels of the University is essential to ensuring opportunities are identified and capitalised on, informed decisions are made and regulatory requirements are met.
- The focus of good risk management is the identification and treatment of these risks. Its objective is to add maximum sustainable value to all the activities of the organisation.
How do we achieve this?
- Methodically assess all the risks surrounding the University’s activities past, present and in particular, future against the University’s risk appetite for a range of risks.
- Implement treatment, monitoring, reporting and review of identified risks as well as considering new and emerging risks on a continuous basis.
- Embedding risk management as a continuous and developing process which runs throughout the University’s strategy and its implementation.
- With an effective policy and a programme led by the Executive Team.
- Assigning responsibility throughout the organisation with each manager and member of staff responsible for the management of risk as part of their job.
Benefits of Risk Management
- Increases the probability of success, and reduces both the probability of failure and the uncertainty of achieving the University’s strategic goals.
- Supports accountability and performance measurement, thus promoting operational efficiency at all levels.
More information about the University’s Risk Management Framework can be found on the Risk and Resilience Sharepoint site.