Risk Management
Risk management is the process of measuring, or assessing, risk and developing treatment plans to manage the risk. Treatment options may include transferring the risk to another party, avoiding the risk, reducing the consequence of the risk, reducing the likelihood that the risk could occur and accepting some or all of the consequences of a particular risk.
The Risk Team is responsible for:
- Development of the University's Risk Management framework
- Ensuring the implementation of the risk management framework through training, workshops and providing assistance when required
- Assisting University Managers conduct a risk assessment where necessary
2008 will see the implementation of a Risk Management System that will be enable the University to record, track and report on risks in the University risk register. The implementation of the system will include identifying and working with a number of pilot groups within the University to also use the system to manage their risk profiles.
Enterprise Risk Management System
The University is progressively rolling out an Enterprise Risk Management System (Leaders4) during 2008 and 2009. Leaders4 is the tool that has been designed to assist the University in transitioning from "risk identification" to "risk management". In this way, the focus going forward will include improved management and reporting on risk actions.Once fully deployed, the system will facilitate the management and monitoring of the University's risk profile, legislative compliance obligations, internal and external audit issues, legal matters and project issues and risks.
This user guide aims to demonstrate how to:
- Login into Leaders4
- To get into the risk framework - to add a new risk; update an existing risk; to undertake an initial risk assessment; to add a new control; to assess controls and to undertake another risk assessment.
- Run reports from Leaders4
The Risk Management Unit (RMU) will facilitate education, awareness, training and ongoing support to assist with staff's understanding of risk management and in the use of this new system.
