The University views the taking of risk as an essential part of the business of higher education, in its management of core educational activities as well as its supporting activities.
Risk is not only about threats to business that have to be managed; it is equally about the failure to seize opportunities.
Risk management and internal control are linked to the fulfilment of the University's Mission and Aims at all levels, and in all areas.
The University also sees the strategic management of risk as an integral element within its decision-making processes and culture, supporting effective planning and evaluation of its activities, including encouragement of innovation and the management of change. Risk management is accepted as a creative component of management generally, not an "add-on".
It is accepted as axiomatic that good management is effective risk management, though the incorporation of systematic processes, engaging the whole of the institution, from its Board of Governors and Executive, through to Academic and Service Department.
The role of the Finance and General Purposes Committee and its Audit Committee is to set internal control policies and to assure themselves that they are working as they should.
It is the responsibility of University management to implement those policies, to identify and manage risks, as a management activity.
In order to be effective, risk management has to be tangible, be able to be audited, and explicitly incorporated into all major processes, with regular reporting to appropriate management and governance bodies on its operation.
Risk management must be embedded throughout the University.It is not the sole responsibility of senior managers but should be exercised by all staff, particularly those with management or operational responsibilities. The means of achieving this may vary according to the needs of different parts of the University.
The University seeks through its risk management policy to secure financial benefits, e.g. in staff time, legal fees, insurance payments, bad debt reduction, etc through the early recognition and management of risk.
The University seeks to enhance the security and safety of staff and students for the management of physical risks.