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Monash University Policy Bank

Risk Management Policy

Purpose	1. To explain Monash University’s underlying approach to risk management and to outline the roles and responsibilities of University Council, Audit Committee of Council and senior executive staff for the ongoing management of risk. 2. To outline key aspects of the University’s risk management process including arrangements for the communication and reporting of risks associated with the university’s activities.
Scope	Senior executive staff of the university, Chief Executive Officers of University controlled entities and members of University Council.
Policy Statement	Monash University has implemented a sound risk management process based on the Australasian Risk Management Standard (AS/NZS 4360:2004). Risk management is integrated into the normal business activities of the University and aligned to its strategic directions. Key risks are communicated across the University and treatment strategies to mitigate those risks are regularly monitored and reviewed by senior management and the University Council.
Supporting procedures	Risk Management Procedures
Responsibility for implementation	Vice-Chancellor & President Pro Vice-Chancellors Director, Audit and Risk Management Deans, Divisional Directors & Chief Executive Officers of University controlled entities Risk Co-ordinators
Status	Revised
Key Stakeholders	University Council Vice-Chancellor & President Pro Vice-Chancellors Members of Vice-Chancellor’s Group Audit Committee of Council Director, Audit and Risk Management Deans, Divisional Directors & Chief Executive Officers of University controlled entities
Approval body	Name: Strategy and Resources Committee Meeting: 8/2007 Date: 04-October-2007 Agenda item: 9.3
Endorsement body	Name: Director, Audit and Risk Management Meeting: N/A Date: 26-September-2007 Agenda item: N/A
Definitions	Risk: The chance of something happening that will have an impact on objectives. Risk can have a positive or a negative impact and is measured in terms of a combination of the likelihood of an event occurring and the consequences if the event was to occur. Risk Management: The culture, processes and structures that are directed towards realising potential opportunities whilst managing adverse effects. Risk Management Process: The systematic application of management policies, procedures and practices to the tasks of communicating, establishing the context, identifying, analysing, evaluating, treating, monitoring and reviewing risks. Risk Treatment: The process of selection and implementation of measures to modify risk. These measures may include avoiding, modifying, sharing or retaining risk. Risk Co-ordinators: Staff nominated by Pro Vice-Chancellors, Deans, Divisional Directors and Chief Executive Officers of University controlled entities to promote a risk awareness culture and compile risk profiles for their respective areas.
Related legislation
Related policies
Related documents	Australasian Risk Management Standard AS/NZS 4360:2004
Date Effective	04-October-2007
Review Date	30-June-2010
Owner	Director, Audit and Risk Management
Author	Director, Audit and Risk Management
Contact Person	Audit Enquiry

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