Risk Management Policy and Standard
CSU's Risk Management Policy clarifies a range of expectations and accountabilities for the management of opportunities and risk. It highlights the need for CSU to be innovative and opportunity driven. The policy requires monitoring, assessment and treatment of operational risks and the upward reporting of any unacceptably high risk exposures. Where practical, CSU risk management processes should be consistent with the Australian and New Zealand Standard on Risk Management AS/NZS 4360:2004
Ultimately, the successful implementation of risk based management will depend on the ability of CSU managers and members of staff to adopt a bold and fearless approach to analysing opportunities, assessing performance, considering alternatives and implementing operational improvements.
Australian and New Zealand Standard on Risk Management AS/NZS 4360:2004 and its accompanying guidance materials are available to CSU staff members and students though the Library's on-line reference page .
Managing Opportunities and Risks
Our University's reputation and future will depend on:
- what we do - measured in terms of quality, relevance, and sustainability; and
- how we do it - measured in terms of meeting or exceeding community expectations of accountability, ethics, compliance and decision making transparency.
To compete successfully in the higher education environment CSU must establish teaching, research and business processes that enable innovative energy to be harnessed, applied and sensibly managed.
CSU is integrating risk management with governance, planning and decision making processes to maintain its competitive edge as an institution. CSU's Risk Management Policy aims to do this by providing members of the University Community with a simple and transparent methodology for assessing new opportunities, identifying viable operational improvements and reporting risk exposures that are unacceptably high.
Expectation
CSU staff are expected to be effective managers of opportunity and risk.
Application
CSU's Risk Management Policy, guidance and training materials should be applied to:
- Further empower managers and members of staff;
- Strengthen and align decision making and planning processes;
- Analyse and, where necessary, improve the quality of teaching, research, and administrative processes;
- Provide the level of institutional quality assurance needed to reduce a wide array of centrally driven rules, procedures and authorisation processes;
- Support the management of projects and commercial activities ;
- Demonstrate compliance with a wide range of regulations and funding body requirements; and
- Ensure a safe and healthy campus environment.
Limitations
Risk management is a component of intuitive judgement and does not pretend to be a foolproof science.
Risk management methodologies need to be straight forward, fit for purpose and cost effective. Risk assessments and risk registers add most value when they focus on priorities and avoid unnecessary detail.
Risk management should not be viewed as an add-on reporting requirement. It is equally important not to view risk registers as expensive dust catchers. Indeed, formal risk management processes should be avoided unless they are developed with a clear practical purpose in mind.