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Risk Management

Risk is inherent in all academic, administrative and business activities. Every member of the ECU community continuously manages risk. Formal and systematic approaches to managing risk have evolved that are now regarded as good practice. Consequently, ECU acknowledges that the adoption of a strategic and formal approach to risk management will improve decision-making, enhance outcomes and lead to greater accountability.

Risk

Risk is the chance of something happening that will have a negative impact on how ECU pursues its strategic priorities. It is measured in terms of consequences and likelihood.

Risk management

Risk management can be characterised as the culture, processes and structures that are directed towards the effective management of potential opportunities to reduce or mitigate adverse impacts to an organisation.

The aim of Risk Management at ECU is not to eliminate risk, rather to manage the risks involved in all University activities, with the overall goal of maximising opportunities and minimising adversity.

Effective risk management requires:

  • a strategic focus;
  • forward thinking and an active approach to leadership and management;
  • a balance between the cost of managing risk and the anticipated benefits of the outcome; and
  • contingency planning, such as critical incident management and business continuity planning, in the event that mission critical threats are realised.

Risk Management also provides a framework for setting priorities when there are competing demands on limited resources.

Considered and structured risk taking - at all levels - within the University is an essential ingredient in the successful achievement of ECU's mission and strategic objective, and thus is integrated into planning processes and management activities.

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