Strategic Risk Philosophy and Framework
While it is important to be aware of the negative connotation of outcomes associated with the description of risk, this framework stresses that when assessed and managed properly, risk can lead to innovation and opportunity. The negative connotations will appear more prevalent when dealing with operational risk, where the risk outcome is often negative (e.g: safety issues). In the context of strategic risks, the outcome is often positive (e.g: improved reputation) therefore, the risk provides opportunity.
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Our framework provides a comprehensive approach for the University to adopt in identifying and managing risks, which, if not realised, could prevent the University in effectively achieving its business goals and strategies. |
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An overview of the Risk Management Process at the University of Melbourne is available here. |
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The University's Risk management program is based on the AS/NZ 4360 (rev. 2004). A detailed description of the Risk Management process outlines all the steps from identifying to treating risks according to the ANZ4360. (This link requires Microsoft Internet Explorer) |
| The identification and management of risks including those associated with the transition to Growing Esteem are now an integral component of faculty business plans. The UPO has taken on a coordinating role for University SRA. This role requires identification, rating and reporting of risk assessments through the Risk Management Committee. | |
Risk management at the University of Melbourne is split into four different areas:
- University Wide Strategic Risks
- Divisional Strategic Risks
- Operational Risks
- Specialist Risks and Compliance