Risk and Assurance
Risk and Assurance Services strives to assist the University Community in being an efficient, transparent, well planned and controlled organisation. We do this by facilitating a practical application of risk management concepts. Our ultimate goal is for risk management to be an inherent aspect of the University's culture.
What is Risk Management?
Risk has been defined as "the effect of uncertainty on objectives", and risk management as the "coordinated activities to direct and control an organisation with regards to risk".
Risk management is recognised as an integral part of good management practice. It is a process which when undertaken enables continual improvement in decision-making. Risk management is the logical and systematic process of establishing the context, identifying, analysing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organisations to minimise losses and maximise opportunities. Risk management is as much about identifying opportunities as avoiding or mitigating losses.
Risk management includes:
- Operational and Strategic risks
- Fraud and corruption prevention
- Business Continuity Planning and Critical Incident Responses
What is Assurance?
Assurance is about providing senior management and Council with a certain degree of confidence in the processes and controls of the University.
It is the primary purpose of the Internal Audit function to provide assurance to the Council (via the Audit &Risk Management Committee sub-committee) and the senior management team that the internal control and governance frameworks on which the University relies for effective and efficient management are adequate and working to an expected standard.
The secondary purpose of the Internal Audit function is to assist the University in improving its internal control and governance framework where gaps or inefficiencies are identified. This is performed in the context of business priorities, legal and regulatory requirements and overall risk tolerance and business acumen.