(6) Detailed risk management policies or procedures should be developed to cover specific areas of the University's operations (i.e. (5) This policy applies to all staff and to all current and future activities of the University.
encouraging a pro-active approach to risk issues likely to impact on the strategic and operational objectives of the University and.enhancing strategic planning through the identification of threats to the University's mission and addressing uncertainty associated with its operations.(4) A structured risk management program will provide a number of beneficial outcomes by: assist in safeguarding the University’s assets – people, finance, property and reputation.provide assistance to improve the quality of decision making throughout the University and.encourage a pro-active rather than re-active management.provide a consistent risk management framework in which the risks concerning business processes and functions of the University will be identified, considered, and addressed in key approval, review and control processes.foster an environment where staff take responsibility for managing risks.establish the principles by which the University will identify, assess and manage risks.enhance the University's ability to seize opportunities while reducing impacts of risk to the desired acceptable level.affirm the University's commitment to risk management.obtaining leverage from risk management by converting risks into opportunities.prioritising risks so that appropriate resources can be directed towards their mitigation and.The University recognises the primary objective of risk management is to eliminate exposure to adverse risk, but where its elimination is not possible to provide a structured approach to its identification and treatment by: Risk may be potentially advantageous or harmful. (2) Risk is inherent in all academic, projects, administrative and commercial activities and every member of the University community is continually managing risk. It defines the broad accountabilities and structures the University will maintain in order to manage risks. (1) This policy confirms the commitment of the University to good corporate governance through risk management.
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