The University will maintain procedures that provide it with a systematic view of the risks it faces in the course of its activities. It is measured in terms of consequence and likelihood. Risk assessment Risk assessment is the process used to determine risk management priorities by evaluating and comparing the level of risk against predetermined acceptable levels of risk. Risk management Risk management is the systematic application of management policies, procedures and practices to the tasks of identifying, analysing, assessing, treating and monitoring risk. General Everyone in the University is responsible for the effective management of risk.
All staff are responsible for identifying potential risks.
Management is responsible for developing risk mitigation plans and implementing risk reduction strategies. The risk management process should be integrated with other planning processes and management activities. The Vice Chancellor is responsible for ensuring that a risk management system is established, implemented and maintained in accordance with this policy. Assignment of responsibilities in relation to risk management is the prerogative of the Vice Chancellor. Audit Committee Audit Committee will be responsible for oversight of the processes for the identification and assessment of the general risk spectrum, reviewing the outcomes of risk assessments programmed by Audit Committee, and for advising Council as necessary.