Strategic Risk Management
Strategy, Planning & Performance
"We make ourselves powerless when we choose not to know, but we give ourselves hope when we insist on looking. ...Seeing starts with simple questions: what could I know, should I know, that I don't know? Just what am I missing here?" Margaret Heffernan,author and journalist
Risk Management at the University
The University is committed to effective risk management of all its activities, at all its campuses. This is demonstrated by embedding risk analysis in management processes, especially strategic planning, and through an integrated risk management framework involving risk identification, assessment, mitigation and assurance.
The Senior Strategy and Risk Analyst, in Strategy, Planning & Performance, is responsible for implementing the University's Risk Management framework, which includes the University Risk Register and the Risk Management Policy is owned by the University Executive Board. The University Risk Register contains risks to the University's activities at a global, enterprise-level.
University Council has ultimate responsibility for the system of risk management as an internal control. Its Audit Committee provides a channel for formal reporting and appraisal. The University Risk Register is one of the principle means by which the University provides Council, through Audit Committee, with assurance that it is managing risk effectively.
Risk is the possibility of an event occurring that will have an impact on the achievement of objectives. Good risk management enables activities which create opportunities, and can give competitive advantage.
Risk Management is the articulation of events, actions and outcomes which, if they occur, would adversely affect the University's activities and our ability to achieve our strategic objectives. Once the main causes of any potential risk have been identified, activities can be identified and introduced to mitigate the impact of the risk, or likelihood of it occurring. Early warning indicators and other control mechanisms can be used as a reflection of the effectiveness of the mitigations.
All University staff have responsibilities under the University's Risk Management Policy - we are all obliged to protect the University from undue exposure to risk. If you know of a risk that you think is not already recognised and recorded, you should discuss it with your line manager in the first instance.
Units and projects that have local policies and Risk Registers should ensure their local policy and practices align with this Policy, and should seek the view of the Senior Strategy and Risk Analyst on this.
Policy and Risk Register
The Risk Management Policy and the University Risk Register are accessible by University staff only, and are held on the Strategy Support Centre.
What we can do for you
Management-level advice on developing, revising and implementing your strategy; management-level advice on articulating the risks associated with your activities, mitigating them effectively, and identifying appropriate sources of assurance for them.
To find out more about risk management at the University of Nottingham, contact:
Eleanor Sibley - Senior Strategy & Risk Analyst,
- +44 (0)115 74 84058