Risk management informs strategic development through the identification and treatment of risk so that strategic objectives are more likely to be achieved, damaging events are avoided or minimised, and opportunities are maximised.
What is our approach to risk management?
The Risk Management Policy explains the University's underlying approach to risk management and outlines the roles and responsibilities of Council (supreme governing body) and its sub-committees, the senior management team and other key parties. It also outlines key aspects of the risk management process and identifies the main reporting procedures. The University’s Risk Management Policy was last updated in November 2019 and can be accessed here: https://www.keele.ac.uk/policyzone/data/riskmanagementpolicy/
The University Risk Register
A key element of risk management is the University Risk Register. It is intrinsically linked to the University’s Strategic Plan and KPI Framework. It identifies risks that have a fundamental impact on the University’s ability to operate as a business and/or deliver against its Strategic Plan and related KPIs. Risk management is incorporated into the strategic planning process to ensure that the University is able to monitor risks to achieving the University’s objectives and determine which risks have the most significant impact.
Local Risk Registers
The risks identified in the University Risk Register are underpinned and informed by Risk Registers managed at the local operational level: these local registers identify risks that impact upon and are managed by operational areas or subsidiary companies:
- Faculty and Directorate Risk Registers;
- Subsidiary Company Risk Registers;
- Project and initiative Risk Registers: which are drawn up for major University projects and initiatives.
Governance of risk management
The University Risk Register is reviewed by the University Executive Committee (UEC) at least 3 times a year, and then reported onwards to each meeting of Audit & Risk Committee (ARC) and then to Council. ARC receives an annual report on local risk management. Further details about the responsibilities and reporting mechanisms are outlined within the Risk Management Policy.
Please contact Laura Norcop for further information.