ACU Risk Management Policy Page 1 of 4 Name of Policy Risk Management Policy Description of Policy ACU has developed its Risk Management Policy to ensure a consistent and effective approach to risk...

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ACU Risk Management Policy Page 1 of 4 Name of Policy Risk Management Policy Description of Policy ACU has developed its Risk Management Policy to ensure a consistent and effective approach to risk management. Policy applies to ☒ University-wide ☐ Specific ☐ All Staff ☐ All Students ☒ Staff and Students Policy Status ☐ New Policy ☒ Revision of Existing Policy Description of Revision The Policy content has been refined to further reflect the University’s context and requirements. Approval Authority Vice-Chancellor Governing Authority Planning, Quality and Risk Committee Responsible Officer Director, Planning and Strategic Management Approval Date 8 December 2014 Effective Date 8 December 2014 Date of Last Revision 5 March 2012 Date of Policy Review* November 2019 * Unless otherwise indicated, this policy will still apply beyond the review date. Related Policies, Procedures, Guidelines and Local Protocols Delegations of Authority Policy and Register Quality Management Policy Risk Management Procedure Risk Register Template ACU Risk Management Policy Page 2 of 4 1. Purpose 1.1. Australian Catholic University (ACU) has developed its Risk Management Policy to: • Support effective decision-making that is guided by the University’s Mission and Vision; • Ensure a consistent and effective approach to risk management; • Formalise its commitment to the principles of risk management and incorporating these into all areas of the University; • 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 the University’s planning, quality and risk management systems, and their integration into all areas of the University’s operations; and • Ensure robust academic and corporate governance practices effectively manage risk while allowing innovation and development. 2. Scope 2.1. Risk management is incorporated into all areas of the University’s operations, including academic and corporate governance. 2.2. Risk management is the responsibility of all staff and all areas of the University. 2.3. Critical incident management and work, health and safety risks are covered by specific University policies and procedures1. 3. Overview 3.1. The University is committed to excellence and continual improvement, and will continue to encourage innovation whilst maintaining a low-risk profile. Staff are encouraged to adopt a positive approach to risk management, which further strengthens the risk-aware culture (as opposed to a risk-averse culture) of the University. 3.2. Risk management is incorporated into the strategic and operational planning and quality processes at all levels within the University in order to minimise the impact of risk. 3.3. Opportunities and risks are identified and are proactively assessed and monitored by staff on an ongoing basis. 3.4. The University’s approach to risk management, including the Risk Management Model and Principles, is aligned with Australian and New Zealand Standard AS/NZS 31000:2009 (Risk Management – Principles and Guidelines). 1 Please refer to the Human Resources Policy section on the University’s website for more information: http://www.acu.edu.au/policy/136651. http://www.acu.edu.au/policy/136651 ACU Risk Management Policy Page 3 of 4 4. Risk Management Model 4.1. The Risk Management Model (Figure 1 below) outlines the University’s approach to risk management and integrates the Risk Management Principles and Risk Management Process. Figure 1 – Risk Management Model 4.2. Risk Management Principles support the effective management of risk across the University. The University’s risk management must: • Align with its Mission and Vision; • Be embedded within its operations, processes and systems; • Have clear accountability, ownership and governance; • Be systematic, transparent and consistently applied; • Include effective consultation and communication; • Consider the context (both the internal and external environment); • Support evidence-based decision-making; and • Facilitate continual improvement. 4.3 Risk Management Process consists of the following steps: • Identify – Identify the risk events that may prevent or delay the achievement of the University’s strategic goals and objectives. • Analyse – Outline the causes, impacts and existing treatments in order to assess the consequence and likelihood of the risk and determine the risk rating. • Treat – Implement both existing and future treatments in order to prevent and/or mitigate the risk. • Monitor – Continually monitor and evaluate the risks and treatments in order to maintain the effectiveness and appropriateness of the University’s risk management. • Report– Provide regular reports and updates in order to assure the University and key stakeholders that the risks are being appropriately managed and treated. Re po rt RISK MANAGEMENT PRINCIPLES ACU Risk Management Policy Page 4 of 4 5. Roles and Responsibilities 5.1. The Senate and Audit and Risk Committee2 (sub-Committee of Senate) are responsible for reviewing the risk management practices of the University. 5.2. The Planning, Quality and Risk Committee will be responsible for overseeing the ongoing development, implementation, review and improvement of the University’s Risk Management Model. This includes the reporting of significant University-wide risks to the Vice-Chancellor and Audit and Risk Committee as part of the University’s governance processes. 5.3. The Members of the Senior Executive3 and Members of Executive4 will be responsible for: • Supporting the ongoing implementation of risk management in all areas of the University’s operations; • The identification, analysis, treatment, monitoring and evaluation, and reporting of significant risks in their relevant Portfolios and Organisational Units; • Ensuring that staff understand their responsibilities with respect to risk management; and • Fostering a positive risk-aware culture within their area of responsibility. 5.4 The Office of Planning and Strategic Management will coordinate, facilitate and periodically review the University's Risk Management Policy and supporting documentation. 5.5 Managers and supervisors will ensure that staff within their areas understand their responsibilities and assist in fostering a risk-aware culture. Regular training and assistance will be provided to relevant staff to assist with risk management. 5.6 All staff and students have a significant role in the management of risk within their area of influence. Staff are responsible for adhering to the University’s Risk Management Policy, Risk Management Procedure and any related documentation. 6. Review 6.1 The Risk Management Policy will be reviewed every five years. Date Description of Amendment/s 5 March 2012 Policy approved by the Vice-Chancellor. 2 November 2012 Minor amendments. 15 November 2012 Minor amendments to role titles. 6 November 2014 The Policy content remains aligned with AS/NZS ISO 31,000:2009 although has been further refined and applied to the University context. 2 Please see the Terms of Reference for the Senate, Audit and Risk Committee, and Planning, Quality and Risk Committee for more information. 3 Members of the Senior Executive refers to the Vice-Chancellor, Provost, Chief Operating Officer and Deputy Vice- Chancellors. 4 As defined in the University’s Delegations of Authority Policy and Register (www.acu.edu.au/policy/675829). http://www.acu.edu.au/policy/675829 4. Risk Management Model 5. Roles and Responsibilities 6. Review Version Control Information: Document Number 5, ACU College - Operations Risk Assessment . Page 1/1 Revision 2 Version Date: January 2014 This document is under the control of the Compliance Schedule ACU College Risk Assessment Tool Item Failure to address Impact Likelihood Score Mitigation Strategy / Outcome Financial projections Failure to prepare projections Improper budgeting – financial loss – student refunds not available Projections checked by accountant Financial viability risk assessments Insufficient funds could result in failure Loan secured at bank Quality of business planning Failure to consider current trends could result in loss within two years Plan checked by accountant and business consultant for viability Transparency of ownership/management structure Could result in unethical practices on the part of staff/management Clear monitoring/reporting procedures established Skills and experience of senior officers and directors Failure to engage skilled personnel can result in heavy losses Careful screening at time of engagement Scope of registration or proposed registration Too many scopes too soon can result in poor infrastructure and failure at audit Apply for one scope only at time of initial audit Delivery of training leading to licensed or regulated outcome Failure to understand licensing requirements could result in candidate’s failure to secure licence Thorough check of Licensing and Training Package requirements Accepting fees in advance from students Failure to accurately account for
Answered Same DayNov 06, 2021BSBRSK501Training.Gov.Au

Answer To: ACU Risk Management Policy Page 1 of 4 Name of Policy Risk Management Policy Description of Policy...

Rimsha answered on Nov 12 2021
135 Votes
BSBRSK501
MANAGE RISK
Table of Contents
A1 Written Activity    4
1. Outline the purpose and key elements of current risk management standards    4
2. Outline the legislative and regulatory context of the organisation in relation to risk management    5
3. Outline organisational policies, procedures and processes for risk management.    5
A2 Practical Activity    6
1. Identify the risk management strategy for the organisation in accordance with current risk management standards    6
2. Determine the scope for risk management processes    6
3. Identify all stakeholders and their issues    6
4. Review political, eco
nomic, social, legal, technological and policy context    7
5. Review the context, strengths and weaknesses of existing arrangements    7
6. Document the successes, goals and objectives for area included in scope    7
7. Ensure you have support for all risks management strategies    7
8. Ensure risk management strategies are communicated to relevant parties and invite them to participate    7
9. With help from relevant parties, research and use tools and techniques to identify a list of risks    7
10. Analyse the risks to determine the likelihood of them occurring    7
11. Assess the impact if risks    7
12. Determine the consequences of the risk    8
13. Determent the control measures and prioritise them    8
14. Select the most appropriate control measure    8
15. Develop and action plan for implementation of the control measures    8
16. Communicate the new control measure to relevant people    8
17. Ensure all documentation is complete    8
18. Implement and monitor the new action plan and appropriately stored    8
19. Evaluate the risk management processes after implementation to ensure control measures are performing adequately enough to control the risks    9
Questions    9
1. What are the questions involved in completing a SWOT analysis?    9
2. Who are the technical experts that should be involved in identification of risks?    9
3. Who is responsible for implementing the risk action plan in your organisation and why?    9
4. What is the 6 step process for monitoring and reviewing risk?    9
5. What does the term ‘stakeholders’ typically refer to?    9
6. There are some general tools that can be used to identify risk, name and briefly describe four of them?    9
7. What are the general headings needs in a risk management action plan?    10
8. What should you keep in mind when storing WHS/OHS information?    10
9. What is the basic process used to establish the context of a risk?    10
10. What is the process used to identify a risk?    10
11. What steps should you take to analyse a risk?    10
12. How should you select and implement treatments for a risk?    10
A1 Written Activity
1. Outline the purpose and key elements of current risk management standards
The organisation selected for the study is Australian Catholic University. The purpose of the risk management standards is to identify the risks in starting any new course in the University or assessing the risk involved in introducing any change in the University whether it is change in the structure, in the human workforce or change in the business model of the organisation. The purpose of the risk management standards is to ensure that organisation is following the high-quality risk assessment processes. The purpose for the standards of risk management in Australian Catholic University is done to support the efficient decision-making.
Each decision-making is done under the guidance of the vision and mission set by the university. It makes sure that an effective and constant approach can be used to manage risk. The commitment of the risk management standards is towards formalising principles for the management of risks and incorporating them into all the areas of the University. These policies are focussed in establishing standards, which can ensure development of the risk awareness cultures.
This allowed using the risk management as a part of positive attributes for making of decision and measures corrective. This can be helpful to align the planning, risk management, and quality of University. It is also helpful in integration of standard in all the areas of the operations of university. It makes sure that corporate and academic governance practices for the management of risks effectively. This allows development and innovation.
On contrary, the key elements, which are included in the risk management standards, are identifying the assets that are needed to be protected for being in risk in case of the critical situations. Then, identifying the potential threats on the procedures of the organisation and organisation is required, along with identifying the potential threat, which poses on the assets. The factors, which are responsible for posing threats on the assets, are identified. Another important element is applying controls in a layered, overlapping ways until the risks are reduced to an acceptable level.
It tests the adequacy and effectiveness of the controls. It also monitors the program and repeats the process at suitable time interval. The implementation of the risk management standards is done at all the academic and corporate governance. It is implemented as the responsibility of all the staff members and to all the areas of the university. It includes critical incident management and work, safety and health risks, which are covered in the policies and procedures of the university.
2. Outline the legislative and regulatory context of the organisation in relation to risk management
There are a large number of stakeholders, whose needs must be taken in account while conducting any risk management process. The main stakeholders associated with the Australian catholic University include students, teachers, staff members, principle, and the management body. Thus, it is necessary for them to participate in the risk assessment procedures. It is important to note that legislators and regulatory bodies are stakeholders in any risk management process. The laws have been in order to ensure that the organisations and individuals meet a minimum...
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