Corporate Risk Management Strategy
Introduction
“Risk Management is a central part of any organisation’s strategic management. It is the
process whereby organisations methodically address the risks attaching to their activities with
the goal of achieving sustained benefit within each activity and across the portfolio of all
activities” 1
Anglia Ruskin University is committed to maintaining its long-term health in terms of the quality
of service provision, financial stability, and the management of resources. Anglia Ruskin will
seek to take risks as part of its mission but to minimise them where possible, through suitable
systems of control that manage their levels such that the residual risk after any mitigating
actions can be borne without serious permanent damage to Anglia Ruskin.
Aims and Objectives
1. To support the strategic aims and operational objectives of Anglia Ruskin University
2. To eliminate any unacceptable risk exposures
3. To create a culture where risk management and internal controls are an integral part of
every activity, and at every level within Anglia Ruskin.
4. To ensure that there is a transparent and prompt flow of information to decision-makers
enabling them to make considered risk decisions.
5. To achieve standards in risk management that meet the regulatory requirements and
ensure that Anglia Ruskin meets its responsibilities in relation to Controls Assurance
and provides annually an Assurance Statement in the Annual Accounts
Main Principles

It is acceptable to take appropriate levels of measured risks in furtherance of Anglia
Ruskin’s strategic aims and objectives – see comments under Risk Appetite heading on the
following page.

As part of Anglia Ruskin’s risk analysis there will be included a review mechanism, where
risks will be anticipated and evaluated, including major external threats to Anglia Ruskin
that will be identified and monitored and contingency plans made to effectively respond in
the event of such threats materialising.
1Taken from A Risk Management Standard – The Institute of Risk Management (IRM), Association of Local Authority Risk
Managers (ALARM), Association of Insurance and Risk Managers (AIRMIC)

There will be a Risk Register that is regularly updated leading to the formulation and
implementation of prioritised action plans with clearly assigned responsibilities.

We will ensure that there is a clear structure to the process and will adopt a consistent
approach throughout Anglia Ruskin.

Systems and processes will be embedded within Anglia Ruskin to ensure that all significant
risks are, identified, evaluated, and managed.

Appropriate reporting mechanisms will be introduced to ensure that the Board, and the
Audit and Compliance Committee are kept informed of the most significant risks, as well
progress towards these strategic objectives.

Before embarking on any new initiative we will undertake an appropriate risk assessment.

Where a proposed activity or venture has a residual risk that is considered unacceptable
and there is no means of reducing the risk to an acceptable level, the project will be
rejected.

We will maintain an effective control framework designed to contain risks where cost
effective to do so and to manage risks effectively.

The authority and responsibility to take decisions involving risk will be appropriate to the
level of risk and will be clearly defined and communicated within the schemes of delegation

Where it is feasible, and cost effective to do so, the impact of risks materialising will be
minimised by appropriate insurance cover or other indemnity from third parties with which
Anglia Ruskin is operating.

We will fully adhere to the regulatory requirements for risk management and internal
control, and adopt best practice techniques where it is cost beneficial to do so.

Sufficient resources will be devoted to risk management to ensure that it is effectively
undertaken.
Risk Appetite
Anglia Ruskin’s risk appetite is reflected in its strategic objectives. In setting these objectives
we have considered the overall portfolio of risks to ensure, as far as possible, that the mix of
risks remains tolerable and well balanced.
Furthermore, systems will be introduced to escalate decisions to an appropriate level in
situations where there is doubt as to acceptable levels of risk. This will be achieved by
introducing guidance to managers in the assessment and evaluation of risks. By doing this a
level of consistency will be achieved across Anglia Ruskin in the measurement of risk, and
consequently the most significant risks will be identified and reported.
Board of Governors
Nov 2008