Risk Management

 

What is Risk Management?

 

Risk management is the process that aims to help institutions to understand, evaluate and assess all of their risks with a view to increasing the probability of the successful achievement of their strategic objectives and reducing the likelihood of the risk occurring.

 

Risk management is a critical part of any organisation’s corporate governance arrangements and is required to be in place in every sector of the UK economy. It should form part of the culture of the institution, with an effective programme led by senior management which clearly identifies responsibilities for managers and other employees involved in the management of risk. Risk management should support accountability, performance measurement together with promoting overall efficiency and effectiveness. Any organisation or HEI which ignores robust risk management will inevitably risk failure in the achievement of its strategic priorities and objectives.

 

The key aspects of a risk management framework are indicated in the diagram below:

 

 

The KCG Consortium is experienced in assisting management with designing risk management frameworks and establishing robust risk management processes and procedures, facilitating Risk Workshops with automated Risk Registers as outputs at all levels of the institution, and assisting with the development of processes for monitoring, control, and reporting.

 

Our professionally qualified staff are expert at reviewing and providing advice and assurance on each of the eight aspects of an institutional risk management framework as indicated in the following diagram:

 

 

In delivering our Risk Management services, we occasionally use the expertise and products developed by Acertus Governance, a specialist Risk Management company that has experience of working in the HE sector. The KCG Consortium’s host Member institution, Kingston University, and London Metropolitan University, have now implemented electronic risk management processes to automate their risk management procedures including reporting.

 

Further details can be found on www.riskgovernance.com.