Risk strategy objective
The University follows good practice in Risk Management as given in the Turnbull Committee guidance, and is endeavouring to fully comply with HEFCE requirements.
Risk is the threat or opportunity that an action or event will adversely or beneficially affect the University's ability to meet its objectives.
The University's view of acceptable risk is based on a balanced view of all the risks in its operating environment. It aims to ensure an appropriate balance between risk aversion and opportunity and gains.
Risks are prioritized drawing on qualitative and quantitative measures.
The strategy to achieve this is:
- A Risk Steering Committee (RSC) has been established to oversee the risk management process as a whole, on behalf of Council.
- A Risk Policy was approved in 2002 and has been reviewed every year since. It will be communicated and applied throughout the University.
- The fundamental risks affecting the University have been identified and quantified in 2002, and reviewed in every subsequent year ensuring that the full scope of the University's activities are covered.
- The extent and categories of the risks that the University regards as acceptable have been reviewed.
- Arrangements to manage fundamental risks have been put in place and the effectiveness of those arrangements has been examined. Where risk management is judged weak or limited in effect, controls have been and will be enhanced.
- Responsibility for the management of risks has been allocated.
- The review of risks and their management has been and will continue to be carried out at least annually.
- Risk Management will continue to be embedded in the operation of the University and be part of its culture by action such as: raising awareness through workshops, training, and communications; documentation of risk assessment in decision-making; review of risk management arrangements; monitoring and independent assurance by internal audit; anticipation of risks by early warning mechanisms; promoting at high level; and so on.