Risk Management

12.1. The University acknowledges the risks inherent in its business, and is committed to managing those risks that pose a significant threat to the achievement of its business objectives and financial health.

12.2. The effective management of risk is a key component of good governance, and the University is required to demonstrate to HEFCE (the Higher Education Funding Council for England) that it has in place effective procedures for managing risk at all levels.

12.3. Overall responsibility for performance and risk management is held by the Risk Management Committee (RMC). The RMC is responsible for monitoring institutional performance, through the set of Performance Indicators. The RMC reports to Council.

12.4. The RMC also maintains the University's Corporate Risk Register, which describes the key institutional risks, identifies who is responsible for managing them, and outlines how they are being managed. It is also responsible for ensuring that effective risk management is embedded at all levels of the University.

12.5. Detailed guidance on the University’s approach to risk management is available.

12.6. Major projects, as set out in the capital procedures, will be subject to specific risk assessment as part of the approval process.