Enterprise Risk Management Framework

Enterprise Risk Management Framework

University Council is the governing body of the University and has responsibility, among other things, for overseeing risk management across the University.  The University also has legislative obligations to demonstrate that material risks are being managed and mitigated effectively.

The Enterprise Risk Management Framework sets out the key roles and responsibilities, methodology, and risk monitoring and reporting of the University.

The components of the University's Enterprise Risk Management Framework are outlined below:

Enterprise Risk Management Framework diagram

Risk appetite is the amount of risk the University is prepared to take to meet its strategic objectives. 

The Risk Appetite Statement empowers decision making based on a consistent understanding of the type and amount of risk the University is prepared to take. 

The full Risk Appetite Statement can be found here  

 

The Risk Descriptors and Matrix can also be found in the Risk Resources and FAQs 

A risk register is simply a documented record of the identified risks, their significance or rating, and how they are managed or treated.  The University's material risk register is a formal electronic record of the University's material risks and helps to facilitate the monitoring and reporting of risk.  Risk registers are living records that are regularly reviewed and updated to reflect changes in the risk environment.

Similarly, operational area risk registers are a documented record of the material risks in an operational area and assist with monitoring and reporting on risk.

A brief overview of the University's Material Enterprise Risks can be viewed here - SCU Material Enterprise Risks on a page 

For further advice please contact the Risk team at risk@scu.edu.au.