Risk Management Procedure (MPF1097)
GOVERNING POLICY
This procedure is made under the Risk Management Policy.
SCOPE
This procedure applies to all staff and all areas of the University.
PROCEDURE
1. University risk management program
1.1 The University’s risk management program is integrated into the University planning,
budgeting and reporting cycle.
1.2 The Senior Vice-Principal has delegated responsibility for coordinating the University’s risk
management program.
1.3 The Director, Institutional Planning and Performance (IPP), within the Finance and Planning
Group, is responsible for providing training and advice on risk management.
2. Risk assessment tools
2.1 Staff must assess risk in accordance with the guidelines in the Risk Management
Framework document, which includes tools for:
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

identifying, analysing and evaluating risks
developing and implementing risk treatment strategies
monitoring and reviewing the effectiveness of strategies.
3. Budget division risk management
3.1 Heads of budget divisions are accountable for ensuring that risks, management strategies
and action plans are developed as part of the annual divisional business planning process. (See
the Risk Reporting Template.)
3.2 Heads of budget divisions are accountable for ensuring that risk management strategies and
action plans are implemented, monitored, reviewed and reported on as required.
3.3 Heads of budget divisions are accountable for ensuring that risk management processes are
appropriately documented.
3.4 The Director, IPP is responsible for reporting to the Risk Management Committee on budget
division risk management.
4. University-wide risks
4.1 The Director, IPP is accountable for ensuring that University-wide risks are identified,
assessed, documented, reported and monitored.
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4.2 Senior Executive and heads of budget divisions are responsible for developing and
implementing management strategies to address University-wide risks relevant to their areas of
responsibility.
4.3 The Director, IPP is responsible for reporting to the Risk Management Committee on the
University-wide risk profile and management.
4.4 The Audit and Risk Committee is responsible for auditing the University strategic risk
assessment and management controls annually.
5. Specialist risk and compliance
5.1 Specific units operate separate University-wide risk and compliance programs to manage
specialist areas of risk (such as OHS, crisis management and business continuity). These
programs and the responsible officers are listed on the Finance and Planning Group website.
5.2 Officers responsible for specialist risk and compliance programs must report on their
programs to the Risk Management Committee.
RELATED DOCUMENTS
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Risk Management Framework
Risk Management Committee Terms of Reference
DEFINITIONS
Term
Definition
risk
The effect of uncertainty on objectives (AS/NZ ISO31000:2009). Risk is
measured in terms of likelihood of occurrence against the impact of occurrence.
Risk also applies to opportunities missed.
risk
management
A systematic method for establishing the context, identifying, analysing,
evaluating, treating, monitoring and communicating risks associated with any
activity, function or process in a way that enables organisations to minimise
losses and maximise opportunities.
RESPONSIBLE OFFICER
The Senior Vice-Principal is responsible for the development, compliance monitoring and review
of this procedure and any associated guidelines.
IMPLEMENTATION OFFICER
The Director, Institutional Planning and Performance, Finance and Planning Group is responsible
for the promulgation and implementation of this procedure in accordance with the scope outlined
above. Enquiries about interpretation of this procedure should e directed to the implementation
officer.
REVIEW
This procedure is to be reviewed by 30 June 2015.
VERSION HISTORY
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Version Approved By
Approval
Date
Effective
Date
Sections Modified
1
Senior VicePrincipal
2
University Policy
Correction to title of governing policy in
16 Jul 2013 16 Jul 2013
Officer
'GOVERNING POLICY' section.
27 Jul 2012 27 Jul 2012 N/A
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