Risk Management

Supporting innovation while managing risk within appetite

Ask not what risk management does To YOU but what risk management can do FOR YOU!

Risk Management Resource Centre

Welcome to our central resource for understanding how we identify, assess, and manage risk across our university. This page brings together our key frameworks, policies, tools, and documents so you can quickly find what you need.

Overview

The purpose of risk management is to create and protect of value. . It exists to make sure we identify, assess and control uncertainties that could negatively impact our success or help us to maximise achieving our objectives. The University Council is ultimately responsible for the overseeing how we all manage risk.

Risk is defined as ‘the effect of uncertainty on objectives’, either in a positive or negative way.

When we talk about risk, we look at:

  • what might cause it,
  • what event could happen,
  • what the resulting outcomes might be,
  • what the impact would be, and
  • how likely it is

The University's approach is to be risk aware, not risk averse; meaning we don't avoid all risk, but we make informed decisions about which risks we accept.

The University Council, via the Risk Committee is responsible for setting the Risk Appetite, which is the level of risk the University is willing to take, tolerate, or not accept.

Everyone has a role to play in managing risk.

Key Documents

  • Risk Management Policy and Risk Management Framework provide information on:
    • Council’s risk appetite;
    • the University's integrated risk management framework;
    • our risk matrix; and
    • roles and responsibilities in relation to risk management, from the Council, Academic Senate and Executive Team right through to individual staff.
  • Enterprise Risk Profile (in development) – this represents the key risks the University faces across the enterprise, it can include risks impacting strategy, operations and balance sheet.
  • Operational Risk Profiles - If you are a Risk Profile Owner, you can access your Operational Risk Profile and Risk on a Page here.
  • Strategic Risk - If you own a Strategic Risk you can access the Strategic Profile, Risk Records, and deep dive procedures here.

Tools and Resources

Governance

Need Support?

Please reach out to RiskSupport@newcastle.edu.au