The University sees risk management as an integral component of its decision-making processes and culture. It is central to the planning and budgeting process, and is key to encouraging innovation.
The role of University Court and Audit Committee is to determine the risk appetite of the institution (the level of risk deemed acceptable), set internal control policies and to assure themselves that these are working correctly.
The responsibility of University senior management is to implement these policies, and to identify, assess and manage risks as a central part of their on-going management activity. A strategic risk identification and prioritisation process is undertaken regularly by senior management – supported by a prioritised risk register.
It is the responsibility of heads of school and service directors to identify, assess and manage risks in their own areas of concern. Where risks are identified which cannot be managed at the Faculty or service area level, these should be reported immediately to senior management. The University promotes a risk management culture at all levels of the institution, through the acceptance by all staff of their shared responsibility for the success and good management of the institution.
The University is committed to the development of risk management processes as part of the management tools of senior staff, through training and the provision of guidance to help facilitate better and more efficient University processes and an improved capacity to predict and control risks.