Risk Management

Welcome to the risk management part of our website

Risk is the effect of uncertainty on objectives. Risk is often seen as an event, a change in circumstances or a consequence. Effects can be positive or negative.  Uncertainty is when you do not have adequate information or understanding of the event, a consequence or likelihood. All of these things affect whether we eventually meet our objectives or not.

Every USP activity is affected by the need to manage risk.  Everyone has a part to play. Great risk management does just not stop bad things happening.  It can help maximise the benefits in any part of our operations.

USP’s approach to risk management follows international best practice standards. This is the ISO 31000 standard. This standard is adopted by companies and public bodies the world over. The objective of this approach is to ensure all risks faced by the University are assessed and managed.

Your risk resources

Our website provides a range of resources for you to use. These are designed to do two things:

• Help you to understand key risk management principles.
• Help you develop greater knowledge and confidence in managing your risks.

Risk Management Policies

1.6.1.13 Risk Management Policy

1.6.1.14 Risk Communications Policy

1.6.1.15 Risk Appetite Policy

The following are guides and self-assessment questions. We encourage you to complete the short self-assessment attached to each guide after reading them.

DOCUMENT
Overview	Guide 1	Guide 2	Guide 3	Guide 4	Guide 5
USP ERM Framework	** Work in Progress **	** Work in Progress **	** Work in Progress **	** Work in Progress **	** Work in Progress **
Self-assessment questions	Self-assessment questions	Self-assessment questions	Self-assessment questions	Self-assessment questions	Self-assessment questions

We’ll look to develop more self-assessment tools and advice for you as we develop our risk management processes.

References to some key resources

The following table gives you references for where certain key documents are in the Overview and Guides.

Document	Location
Risk Criteria (Likelihood and Consequence Tables, Risk Matrix)	Framework
Sample Risk Register	Guide 3
Risk Action Plan
Risk Treatment Plan	*Pending*

A diagram of our risk management framework

The following diagram describes the USP risk management framework. It shows what we are looking to do and gain from having a best practice approach to risk management.

Updated: 26-October-2016