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A/2.5 Risk management

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Contact Officer

Director, Assurance and Risk Management Services

Approval Date

13/12/2006

Approval Authority

Council

Date of Next Review

01/01/2010

2.5.1 Policy
2.5.2 Rationale
2.5.3 Objectives
2.5.4 Application
2.5.5 Framework
2.5.6 Definitions
2.5.7 Relevant legislation and guidelines
Related Documents
Modification History

2.5.1 Policy

Queensland 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.

Effective risk management requires:

  • a strategic focus;
  • forward thinking and proactive approaches to management; and
  • balance between the cost of managing risks and the anticipated benefits and contingency planning in the event that mission critical threats are realised.

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2.5.2 Rationale

QUT'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:

  • Governance Framework
  • Planning Framework
  • Project Management Framework
  • Business Case Framework

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2.5.3 Objectives

The objectives of this policy are to ensure:

  • a common or a consistent approach to management of risk is adopted within QUT;
  • the management of risk contributes to the quality of performance and continuous improvement of QUT business, its operations and delivery of services; and
  • all significant risks to QUT are identified, evaluated, managed and reported in a timely manner to Council through its Audit and Risk Management Committee.

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2.5.4 Application

The 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.

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2.5.5 Framework

The 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.

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2.5.6 Definitions

Risk 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.

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2.5.7 Relevant legislation and guidelines

  • Financial Management Standard 1997, Division 5 - Risk Management (sections 83 to 85)
  • AS/NZS 4360:2004 - Risk Management
  • HB 436-2004 Risk Management Guidelines - Companion to AS/NZS 4360:2004
  • HB 141-2004 Risk Financing Guidelines
  • HB 203:2006 Environmental Risk Management - Principles and Process
  • HB 205-2004 OHS Risk Management Handbook
  • HB 221-2004 Business Continuity Management
  • HB 240-2004 Guidelines for Managing Risk in Outsourcing Utilising the AS/NZS 4360:2004 Process
  • HB 246-2004 Guidelines to Managing Risk in Sport and Recreation
  • HB 254-2005 Governance, Risk Management and Control Assurance

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Related Documents

MOPP 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

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Modification History

Date Sections Source Details
13.12.06 All Council Revised policy (endorsed by Audit and Risk Management Committee 08.11.06)
04.06.04 A/2.5.1 Executive Director, Finance and Resource Planning Added statement re QUT's commitment to business continuity management (endorsed by Audit Committee 24.03.04)
12.02.04 A/2.5.1 Deputy Vice-Chancellor (Technology, Information and Learning Support) Added reference to Project Management Framework and Business Case Framework (endorsed by Vice-Chancellors Advisory Committee 17.07.03)

29.05.02

All Council Revised policy (endorsed by Audit Committee 08.05.02)
03.09.97 All Council New policy (endorsed by Planning and Resources Committee 27.08.97)

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