Strategic Risk Management
As The University of Melbourne implements the Growing Esteem Strategic Agenda, new challenges and opportunities will arise in the process of providing world-class teaching and research and becoming one of the world's leading universities. Over the next few years the University has to face new internal and external challenges and to overcome risks that might interfere with the achievement of these goals.
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.
The risk management will be part of the business planning process where risk assessment, management strategies and action plans will be reported. The University Planning Office (UPO) has been asked to take on the University's Strategic Risk Assessment (SRA) role. This role requires identification, rating and reporting of risk assessments through the Risk Management Committee. The actual management of strategic risks and undertaking remedial actions are the responsibility of the Dean of the Faculty in question and the Vice-Principals respectively.
Strategic Risk Management Framework
This 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.
Strategic Risk Management at UoM
Overview of the Risk Management Process at the University of Melbourne.
Risk Management Process ANZ4360 (This link requires Microsoft Internet Explorer)
A detailed description of the Risk Management process can be found via this link. Outlining all the steps from identifying to treating risks according to the ANZ4360.
Faculty Risk Summary and Report to PBC
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.
To enable a structured approach to the SRA, the UPO has provided a template for each faculty to summarise their risks, the risk area, mitigation strategies and action plans, timelines and responsible people. These templates have been completed, reported and reviewed as part of the OPR process and have been summarised in this report.
2008 Strategic Risk Assessment Review points and reporting table.
A short explanation of how to use the Risk Reporting Template is available here. (The explanation file requires Microsoft Internet Explorer)
August 2007 update.
Specialised risks that involve issues such as legal, EH&S, Workcover, insurance, bio safety and gene technology, catastrophe and fraud, as well as compliance and regulatory requirements are the direct responsibility of other university officers. Links to relevant offices are available here.
For further information or assistance please contact Sue Sleep or Jan Dethlefs.