Risk Management

What is Risk Management?

Risk can be defined as the uncertainty the University faces in achieving its objectives based on a range of internal and external factors and influences. These might be economic, environmental, social, technological, geo-political or cultural in nature.

Risk management is a continuous process of identifying, assessing and prioritising those risks, understanding their potential impact on the University, developing action plans to improve how risks are managed, and regularly monitoring and reporting on them.

The University requires Colleges and Professional Services Units to maintain a register of the main risks that have the potential to damage, restrict or prevent them from achieving their objectives, as well as the actions in place to mitigate those risks. Every six months, the risk officials in the Colleges and Professional Units approve an updated version of their risk register with their UMT member and then submit it to the Risk Management Group. In tandem with this process, the Risk Management Group identifies a small number of major strategic risks facing the University as a whole, and reports them to our governors.

In a rapidly changing world, we have to be prepared for uncertainty. By regularly identifying risks and reporting on how we are mitigating them, we aim to build a culture across the University that helps us to prevent or reduce negative impacts to our university mission and our community.

Further Information