Understanding our risks
The School’s mission of discovering, advancing and disseminating knowledge to address major socio-economic challenges across the globe will always carry certain risks. Effective risk management increases the likelihood of the successful achievement of the School's strategic objectives, whilst at the same time protecting its reputation and sustainability.
Risk Management Processes
The Senior Management Committee (SMC) monitors and reviews emerging and changing risks throughout the year. Its process is reviewed by Audit Committee, and a termly report is made to Council.
The Strategic Risk Register acts as the main tool for the evaluation of risk. The management of each strategic risk is formally assessed by the risk owner at least once each term and reviewed by the SMC, which ensures that the risks are being actively managed, with the appropriate strategies in place. The Strategic Risk Register aligns with the School Strategic Plan 2020.
Each strategic risk is graded with a level of risk tolerance. Once tolerance has been defined, SMC evaluates what action needs to be taken to address the risk. The School’s approach is to minimise its exposure to reputational, compliance and financial risk, while accepting and encouraging an increased degree of risk in pursuit of its mission and objectives. It recognises that its tolerance for risk varies according to the activity undertaken.
Professional service area risk registers ensure key operational risks are identified and managed at the appropriate level within the organisation. High-profile operational risks are monitored by SMC in the central Operational Risk Register. Internal Audit undertakes reviews of key areas throughout the year which are reported to the School’s Audit Committee. Academic Risks are monitored through the School's Annual Monitoring exercise.
All major projects have individual risk registers and risk assessment is incorporated into planning and decision-making processes. Risk assessment training and awareness is promoted through the management structure by the Risk Manager.