Risk is the possibility that events, outcomes or actions, both foreseen and unforeseen adversely affect the University's ability to achieve its strategic objectives; it arises as much from the possibility that opportunities will not be realised as from the possibility that threats will materialise.
An ambitious organisation in a dynamic and uncertain environment will inevitably encounter an ever-changing array of risks, which to succeed, it must understand and manage as a normal practice.
The University is committed to effective risk management by embedding it in many management processes, especially strategic and operational planning, and by an integrated risk management framework involving planned and systematic risk identification, assessment and mitigation activities.
All staff have some part to play in protecting the University from undue exposure to risk, whether reputational, financial, or in terms of its core activities of teaching and research, and are encouraged to be aware of the implications and potential consequences of their actions for the University. If you know of a risk in your area of work that is not already recognised and recorded, you need to share this information with your manager.
The nature of your responsibilities for contributing to good risk management will be determined by your position.
All staff are expected to be aware of the University's Risk Policy and how it affects their role and activities. Key staff are also expected to obtain and understand the University's Strategic Risk Register.
February 2010
Last edited May 16, 2011