Integrated risk management requires that an organisation aligns its risk management to the organisation’s strategic objectives and therefore it is important for the University to define its Integrated Risk Management (IRM) Framework and set the context for how risk is to be managed at ECU.
An IRM Framework has been developed that maps risks to ECU’s strategic priorities. It forms the basis for all risk registers as well as the structure of the ECU Strategic Risk Register.
The IRM Framework shows:
The information in the map should not be seen as exhaustive, but rather as a tool to assist in the identification and management of operational risks.
ECU has a responsible approach to risk management, seeking to recognise and manage exposure to risks. In pursuit of achieving its strategic aims and academic purpose, the University will, therefore, accept a degree of risk, commensurate with the potential reward.
The risk that ECU is willing to accept will be within agreed tolerances for risk appetite agreed by Council for key risk areas specified in the University’s Integrated Risk Management Framework. Risk-based decision making will pay particular attention to the impact of any risk on the core activities of teaching, research and engagement.
ECU’s risk appetite statement and risk tolerances should be used to guide risk-based decision making.
Risk delegations of risk acceptance remain in place.
For further information about the IRM Framework and Risk Appetite Statement contact Phillip Draber.
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