Risk Management Committee
Terms of Reference:
|The purpose of the Committee is to oversee risk management arrangements within the University, ensuring that programmes and procedures are undertaken in such a manner as to minimise the exposure of the University to unacceptable levels of risk.
The Committee will meet at least four times per annum and will receive reports on ongoing activities as outlined below. The Risk Management Committee will report to the Audit Committee and will enable that Committee to give the appropriate assurance to Senate that all aspects of internal control are adequately managed. This, in turn, will enable the University to adopt the Combined Code on Corporate Governance.
|(a)||Develop, agree and maintain the overall risk management policy of the University.|
|(b)||Co-ordinate and promote risk management throughout the University by ensuring that existing processes are operated efficiently and effectively, and that all staff give a priority to risk management in the ongoing planning and delivery of services.|
|(c)||Ensure that risk management is included within the annual planning process and considered within academic plans.|
|(d)||Receive reports from the University’s insurance agents outlining all claims outstanding, reserves set and current position.|
|(e)||Monitor the management of significant risk and ensure that actions to remedy control weaknesses are implemented.|
|(f)||Agree policy statements in relation to specific areas of risk and ensure action is taken, compliance assured and good practice maintained.|
|(g)||Identify new or emerging risks within academic or academic support areas, and agree policy and procedures to manage these risks|
|Chair:||Registrar and Chief Operating Officer|
Key Directors and senior staff from both the academic and academic support sectirs of the University, including the Deans and a Head of School nominee
Internal Auditor Representatives
|Serviced by:||Finance Directorate|
Receives reports from:
|Advisory Groups as appropriate.
|Meetings:||Three times a year..|