Risk Management

1. Risk Management

2. Risk Management Outcome Statement As a result of this process the University will have, and be able to demonstrate that it has in place, a strategy, structure and process to effectively identify and manage in a timely fashion and at an appropriate level, its exposure to risk.

3. Risk Management Outcome for today As a result of this process the University will have, and be able to demonstrate that it has in place, a strategy, structure and process to effectively identify and manage in a timely fashion and at an appropriate level, its exposure to risk.

4. UNE Strategic Goals Image Course Profile Research Excellence Partnerships Infrastructure http://planning.une.edu.au/Planning/STRATEGICPLAN2002.htm

5. Risk Management Model

6. Risk Management Process 1. Identify the Risk and context in which it exists 2. Assess the Risk under worst case conditions i.e. measure the likelihood and consequence of the risk occurring in the event that there are no controls in place. This measures the Inherent Risk

8. Risk Management Process 3. Identify and assess controls (Preventative Cp and Corrective Cc) currently in place to reduce risk 4. Reassess the Risk with controls in place. This measures the Residual Risk

9. Risk Management Process 5. If the Residual Risk is unacceptably high, Treat the Risk with additional controls (Cp, Cc) in order to further reduce likelihood and/or consequence to reach the Target/Predicted Risk rating 6. Action plan to implement controls 7. Review