Managing risk is something everyone does on a daily basis. This is also true in an organisational context where managers are actively managing the risks they face day-to-day. The University's risk management processes are designed to provide a tool for managers to take stock of how the risks they are managing may impact on what they are trying to achieve and to put in place plans to address this.
Process and Guidance
A risk can be defined as "an uncertain event or set of events which, should it occur, will have an effect on the achievement of objectives". This therefore could have a positive outcome (opportunity) or a negative outcome (threat).
It should be noted that this definition highlights the importance of linking risks to the objectives of a department or team, and these provide an essential starting point to udnerstanding and defining the risk being faced.
Management of risk and risk registers
The stages of the risk management process (including identifying, assessing, treating, monitoring and reporting risks) are recorded in a risk register. Risk management is a continual process where opportunities and threats change as we move forward, therefore risk registers are not static and are designed to be a management tool that can be used to help the achievement of the aims and objectives of a department, team or institution.
Support for Risk Management
For Faculties and Departments, support is available from your Planning Support Officer (PSO) in the first instance. Further guidance can be found in the Risk Management manual, which you can download from the link to the right of this page.
Governance and Reporting
Risks across the University are managed within a hierarchy. Each department (academic or Professional Services) has a risk register which feeds into the Faculty or Professional Services Risk register. In turn these feed into the Corporate Risk Register.
The University Council is responsible for ensuring that the University has a robust approach to the management of risk and reviews the highest corporate level risks on a aquarterly basis. Risk Review Group is resposnisble for supporting UEB in the management of Risk. Click here for further information about Risk Review Group.