(1) This policy provides the basis for Victoria University's risk management approach. Risk management informs the University's governance arrangements and it supports the University to achieve its organisational goals by: (2) This policy applies across the University. (3) Risk Owner - The designated responsible officer for the risk area. (4) Risk register - A document that includes material identified risks of an organisational unit or portfolio or the university. This Register is maintained by the Manager, Risk Management and Internal Audit. (5) Risk is the likelihood of something happening that can prevent an organisation from achieving its goals and objectives. The ISO31000 defines risk as 'the effect of uncertainty on objectives'. (6) Risk is inherent in all academic, administrative and commercial activities and every member of the University community is continually managing risk. Risk may be potentially advantageous or harmful. (7) The University recognises the primary objective of risk management is to mitigate exposure to adverse risk, but where its elimination is not possible, to provide a structured approach to its identification and treatment by: (8) Risk management is a key feature of good corporate governance. VU uses risk management processes to identify, assess, manage and report risks to the University Council, the Compliance Audit and Risk committee, the Vice Chancellor and President and the Senior Leadership Team. (9) The implementation of risk management throughout the organisation allows VU to: (10) Risk management is part of the University's day-to-day management processes and is managed proactively. (11) The University will adopt a structured and consistent approach to recording, assessing and responding to all types of risk, at all levels and for all activities in the organisation. (12) The University's approach to risk management will be consistent with the risk management Standard AS/NZS ISO 31000:2009 (Risk Management - Principles and Guidelines). (13) University staff will demonstrate a high level of awareness, acceptance and support of risk management. (14) Risk Management Procedure (15) NilRisk Management Policy
Section 1 - Purpose / Objectives
Top of PageSection 2 - Scope / Application
Section 3 - Definitions
Section 4 - Policy Statement
Section 5 - Procedures
Section 6 - Guidelines
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