Risk Management Model
ACU’s approach to risk management is aligned with Australian and New Zealand Standards AS/NZS 31000:2009 (Risk Management – Principles and Guidelines), as well as COSO and other relevant guidelines to produce a ‘best of breed’ approach for risk management across all business domains.
We developed our Risk Management Policy and Risk Management Procedure to:
- support effective decision-making guided by its Mission and vision
- ensure a consistent and effective approach to risk management
- formalise its commitment to risk management principles incorporating these into all University operations
- foster and encourage a risk-aware culture where risk management is seen as a positive attribute of decision-making rather than a corrective measure
- align ACU’s planning, quality and risk management systems, and their integration into all areas of the University’s operations
- ensure robust academic and corporate governance practices effectively manage risk, while allowing for academic freedom, innovation and development.
ACU’s risk profile
Organisational units will update and monitor their respective organisational unit risk registers as part of their planning cycle.
In the first quarter of each year, organisational units provide an annual update on their risk registers, which is used to develop the University’s Risk Management Report and risk profile.
> Include an infographic or summary of the University’s risk profile
An annual Risk Management Report forms a vital part of ACU’s Risk Management Model and is provided to the Planning, Quality and Risk Committee and Audit and Risk Committee (hyperlink to TOR) to support monitoring and review elements of the risk management process.
This year, this report focuses on ‘high’ level risks identified by organisational units as well as their respective existing and future treatments. In doing so, this report will inform a review of the University Risk Register (link to SharePoint site) and provide recommendations to the Planning, Quality and Risk Committee.
Once reviewed and endorsed by the Planning, Quality and Risk Committee, this report and University Risk Register is provided to the Audit and Risk Committee for consideration and feedback.
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