Risk Management Strategy

The University, with the help of the Risk Management Committee should develop a proper Risk Management Strategy that explains how the University plans to achieve full compliance with the requirements of any government guidelines or circulars. The strategy is to be reviewed and amended, if appropriate, on an annual basis by the Risk Management Committee.

The basic risk strategies would include the following :

• Establish a Risk Management Committee to oversee the Risk Management process as a whole.
• Develop and communicate a Risk Policy for implementation throughout the University.
• Identify and quantify the fundamental risks affecting the University and ensure that the full scope of the University’s activities is covered.
• Review all the possible extent and categories of the risks that the University regards as acceptable.
• Ensure that effective arrangements are put in place to manage fundamental risks, and where risk management is judged weak or ineffective, controls will be enhanced.
• Allocate clear responsibility for the management of risks.
• Carry out review of risks and their management at least annually.

Develop a culture of risk management awareness through actions such as raising awareness through workshops, training and communications; documentation of risk assessment in decision-making; review of risk management arrangements; monitoring and independent assurance by internal audit; anticipation of risks by early warning mechanisms, etc.