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A/2.5 Risk management |
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2.5.1 Policy 2.5.1 PolicyQUT is committed to establishing an organisational philosophy and culture that ensures effective business risk management is an integral and embedded 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. This policy does not intend to eliminate risk completely, rather it sets a framework to manage effectively the risks involved in all University activities. 2.5.2 RationaleQUT's responsibility to establish and maintain an appropriate University-wide risk management system stems from the Financial and Performance Management Standard 2009 (Qld) which requires an agency 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. QUT addresses this responsibility through implementation of a system for risk management based on the International and Australian and New Zealand Standard for Risk Management (AS/NZS 31000:2009). 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 and embedding of risk management within the following QUT frameworks and plans:
2.5.3 DefinitionsRisk is the effect of uncertainty on the University's ability to contribute to its vision, goals and organisational values. Effect is a deviation from the expected and can be either positive (opportunity) or negative. Risk management is the coordination of activities to direct and control QUT with regard to risk, including the establishment of culture, policy, processes and structures. Risk management process is the systematic application of management policies, procedures and practices to the activities of communicating, consulting, establishing the context, and identifying, analysing, evaluating, treating, monitoring and reviewing risk. Risk owner is a person or an entity with the accountability and authority to manage a risk. 2.5.4 Principles of risk managementBased on the principles of risk management as per AS/NZS 31000:2009, QUT defines that, in order to be effective, risk management should:
2.5.5 ObjectivesThe objectives of this policy are to ensure:
2.5.6 Roles and responsibilitiesThe Vice-Chancellor and senior managers are responsible for implementing the risk management policy through a Risk Management Framework and for ensuring that adequate resources are available to enable the effective management of risk within the University. Managers at all levels are accountable for the identification and effective management of risk within their areas of responsibility. 2.5.7 QUT Risk Management FrameworkThe QUT Risk Management Framework provides detailed guidelines on the risk management process, the roles and responsibilities of key stakeholders, level of documentation and reporting requirements. 2.5.8 Relevant legislation and guidelines
Related DocumentsMOPP A/1.1 QUT Governance Framework MOPP A/2.2 University Planning Framework MOPP A/7.1 Indemnity and Insurance MOPP B/8.6 Corruption and Fraud Control Policy MOPP Appendix 2 Council Procedure 1 (Committees) Corruption and Fraud Control Plan QUT Business Continuity Management Framework QUT Risk Management Framework Modification History
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