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A/2.5 Risk management |
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2.5.1 Policy 2.5.1 PolicyQueensland University of Technology (QUT) is committed to establishing an organisational philosophy and culture that ensures effective business risk management is an integral part of all university activities and a core management capability. Risk management allows the University to take advantage of opportunities to improve its outcomes and outputs by ensuring that any risk taken is based on informed decision-making and on realistic analysis of possible outcomes. QUT is also committed to business continuity management as an integral component of risk management, to ensure continuity of key business processes which are essential for or contribute to QUT's goals. At QUT, risks are defined as the chance of anything happening that would impact upon the University's ability to contribute to its vision, goals and organisational values (see A/2.1 ).
This policy does not intend to eliminate risk completely, rather it sets a framework to manage effectively the risks involved in all University activities, to maximise opportunities, to minimise adversity and to achieve improved University outcomes and outputs based on informed decision-making.
2.5.2 RationaleQUT's responsibility to establish and maintain an appropriate University-wide risk management system stems from Queensland's Financial Management Standard 1997, which makes an agency responsible to protect itself from unacceptable costs or losses associated with its operations, including, for example, by developing and implementing systems for effectively managing the risks that may affect the agency's operations. This Standard advises that the Australian and New Zealand Standard on Risk Management (AS/NZS 4360:2004) and other risk guidelines should be considered to address this responsibility. Further, QUT acknowledges that risk management is an integral part of good management practice and an essential element of good corporate governance. The function of risk management is to provide a sound contribution to the achievement of QUT's corporate objectives and to support the strategic directions of divisions, faculties and institutes. This is demonstrated through the integration of risk management within the following QUT frameworks:
2.5.3 ObjectivesThe objectives of this policy are to ensure:
2.5.4 ApplicationThe application of this policy will be the responsibility of the Vice-Chancellor. The Vice-Chancellor and the executive management team are responsible for the implementation of the risk management policy through a Risk Management Framework. Managers at all levels are accountable for risk management. 2.5.5 FrameworkThe Risk Management Framework provides detailed guidelines on application of the risk management process, the roles and responsibilities of key stakeholders, level of documentation and reporting requirements. 2.5.6 DefinitionsRisk is the chance of anything happening that would impact upon the University's ability to contribute to its vision, goals and organisational values. Risk may have a positive or negative impact. Risk management is the culture, processes and structures that are directed towards the effective management of potential opportunities and adverse effects in order to improve the delivery of services by QUT. Risk management process is the systematic application of management policies, procedures and practices to the tasks of establishing the context, identifying, analysing, evaluating, treating, monitoring and communicating risks to the attainment of University outcomes and outputs. 2.5.7 Relevant legislation and guidelines
Related DocumentsMOPP A/1.1 QUT Governance Framework MOPP A/1.2 QUT Corporate Governance Guidelines MOPP A/2.2 University Planning Framework MOPP A/7.1 Indemnity and Insurance Modification History
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