Risk Management

The Senate, in accordance with its Statement of Governance Principles, has responsibility for setting risk management policy and critically monitoring the management of risk across the University, including commercial undertakings. Senate has also approved Terms of Reference for the Audit and Risk Committee (ARC) which requires the Committee to confirm the University’s risk management framework is appropriate. The ARC receives regular reports on management of the University’s significant risks and systems of internal control. To enhance controls, the ARC submits its minutes to Senate regularly and submits an annual report on risk, internal controls and audit matters.

Senate has also approved the University’s risk management policy, which is consistent with concepts in Standards Australia AS/ NZS ISO 31000:2009, Risk Management – Principals and Guidelines. The policy requires management to maintain risk registers at strategic and operational levels.

The Strategic Risk Register is closely aligned with the objectives of the University’s Strategic Plan and highlights key risks of not achieving those objectives. The Strategic Risk Register is presented at each ARC meeting and is continually being reviewed to ensure it records current risks and mitigating controls.

Operational Risk Registers were completed during the year and higher level risks reported to the ARC. As the University updates its operational plans, it will update the operational risk registers accordingly.

The Risk Registers enable the University to understand its objectives, related risks, actual controls in operation and any further controls required to mitigate risks to an acceptable level. The Risk Registers also form an important source for compiling annual internal audit plans.