Risk management is not a road block!
Effective risk management is not about avoiding hazards or harm - it's about managing our exposure to loss, protecting our value and preparing to be successful under multiple scenarios.
Drucker (1973) wrote, ..."The main goal of a management science must be to enable business to take the right risk. Indeed, it must be to enable business to take greater risks - by providing knowledge and understanding of alternative risks and alternative expectations; by identifying the resources and efforts needed for desired results; by mobilizing energies for contribution; and by results against expectations, thereby providing means for early correction of wrong or inadequate decisions..."
To ensure it continues to deliver economic, environmental, cultural and social dividends the University is committed to a risk management approach which is holistic, integrated and constructive. The Audit, Risk and Compliance (ARC) team is working to help the University meet this commitment.
ARC provides an independent, objective risk management, quality and assurance consultancy service to the whole University. Its aim is help the University manage risk flowing from and linked to strategy, ensuring core teaching and research functions and critical business processes can be performed under all conditions.
- provide education and consultancy service in risk management and business continuity planning
- evaluate effectiveness of risk management, internal controls and corporate governance system
- investigate risk of fraud, conflict of interest, corruption, serious waste and maladministration.
- consult and collaborate with stakeholders to identify and support continuous improvement