What is Risk Management?
Risk management (RM) refers to a process that has been established by those charged with governance to identify, assess, measure and monitor risks in daily operations as well as the strategic planning process. RM also involves the concept of turning risks into opportunities.
UWI’s risk management framework is guided by the key requirements of the Enterprise Risk Management (ERM) setting organisations such as the Committee of Sponsoring Organisations (COSO) 2017 ERM Integrating with Strategy and Performance Framework1 and the International Organisation for Standardisation (ISO) 31000:20182 along with international best practices for risk management.
RM helps ensure that the right information gets to the right people at the right time. By offering a strategically-aligned portfolio view of organizational challenges and opportunities, RM creates a more risk-aware culture and offers insight into how best to prioritize and manage the risks inherent in carrying out the University’s mission of teaching and research.
Benefits of RM
The Risk Management Framework and associated activities:
-
Link risk management to University strategic planning processes – this provides a structured approach to the identification and management of risks that could impact on the University’s strategic and operational objectives.
-
Improves the quality of decision-making by providing methods and approaches for the exploration of threats and opportunities.
-
Supports a culture of openness that encourages staff to identify risks and respond appropriately.
-
Contributes to a robust and ethical culture of excellence in corporate governance.
-
Provides assurances to University/ Campus Council that critical risks are being managed.
-
Helps to ensure that affiliated bodies or third parties such as suppliers and contractors are aware of the University’s expectations regarding risk.
-
Improve coordination across functional silos
-
Promote reliable reporting and monitoring across departments/units
