The University is committed to supporting staff with risk management. The University's risk management framework comprises governance, a risk management policy and guidance. Effective risk management increases the likelihood of successful outcomes whilst protecting the reputation, sustainability and operations of the University.
Any activity will have associated risks. In working to become Scotland's leading University, there will be many risks involved. However, risks often reap financial and reputational benefits and open the door to new opportunities. Risk management is undertaken to ensure that where an action or event may prevent the University from meeting its objectives, a plan is in place to either mitigate or monitor the risk. The benefits include informed decision making, the University having the appetite to take more risks as opportunities and to reduce the likelihood of the University being unable to operate. The Scottish Funding Council (SFC) require all institutions to confirm they have an effective system of internal control.
The University has processes in place to identify, evaluate and manage risks that have the potential to prevent the University from meeting its objectives. These are recorded in the Institutional Risk Register. In addition, all Schools and Directorates have risk registers to manage risks that occur at a School/Directorate level. The University Risk Management Oversight Group, Professional Services Group, University Executive Group, Audit Committee and Court are all involved in reviewing risks and risk management at the institution.
The diagram depicts the University's approach to risk management. Risks are identified by first defining objectives (such as the KPIs in the University Strategy) and then identifying any threats/areas of uncertainty in relation to achieving these objectives. Risk assessments are then carried out on each risk in order to ascertain what actions (responses) are needed. This is then be reported on (to the relevant group/committee) and reviewed.
You can obtain advice from designated contacts regarding legal and other compliance issues relevant to risk management.
Contact Dr Liz Rogers (Assistant Policy Officer (Risk and Audit) for advice or information on local risk registers.