The principles of good risk management and opportunity identification should be embedded at all levels of decision-making. Risk management and the identification of opportunities is undertaken at the University of Warwick as a positive business driver. It should encourage innovative and entrepreneurial approaches to the activities we undertake while assessing and accounting appropriately for the risks that the University faces.
Risk Management at Warwick
The University Risk Management PolicyLink opens in a new window (approved by Council in July 2018) outlines the current approach of the University to risk management and the general responsibilities of those involved in managing and overseeing risk.
Risk Management for Departments
Risk management in all types of departments is undertaken as an integral part of the Strategic Planning Process. Guidance on the identification, assessment and communication of key risks is detailed within the Strategic Planning Process document. Risks to Faculty Strategies are heard at Academic Resourcing Committee. Risks to Commercial Service strategies are heard at CCSG Steering. Risks to Professional Services Strategies are heard at PSG Committee. The risk escalation process available on these web pages.
Operational Risk Management Framework
An operational Risk Management Framework is currently under development by the Risk and Resilience Team.
Further Information & Guidance
Whilst the Risk Management Policy and Strategic Planning Process documents provide an overview of how risks should be managed across the University, the Risk & Resilience Team encourages you to contact them to discuss risk management within your department. The team is able to offer guidance and advice in the form of meetings, risk workshops and presentations and can develop bespoke sessions to focus on the issues that are pertinent to individual departments.
If you would like to discuss this further, please contact:
Chris Griffin, Head of Risk and Resilience (Christopher.Griffin@warwick.ac.uk)
Kimberly Jebson-Hambly, Risk and Resilience Manager (Kimberly.Jebson-Hambly@warwick.ac.uk)
Lauren McCleary, Risk and Resilience Manager (Lauren.McCleary@warwick.ac.uk)
Salma Ahmed, Resilience and Governance Officer (Salma.Ahmed@warwick.ac.uk)
or email firstname.lastname@example.org.
Risk Management FAQs
What is risk management?
Our What is Risk Management: A Visual Guide slides will explain!
Why might I need to assess and manage risks?
Risk Management practices allow for threats to objectives and outcomes to be identified, assessed and mitigated. This allows for better oversight of the things that threaten what you’re trying to achieve.
What is the difference between a risk and an issue?
A risk is something that may happen. An issue is something that is happening.
How do I score a risk?
The Risk Register and Scoring and Treatment Guidance clearly explains the difference between likelihood and impact and provides indicative guidance for all risk categories.
Will my scoring be the same as someone else’s?
Risk scoring is subjective, but adherence to our scoring guidelines will ensure consistency.
Once I’ve identified the risks, is that enough?
Risk identification and risk scoring should be dynamic. If your mitigating actions are positively impacting the likelihood or impact of a risk occurring, then you can reduce scoring. Likewise, if there is an evidence base to say that the likelihood or impact are increasing, you can increase scoring.
What is the added value?
The risk management framework allows for risks to be escalated, via Governance processes. The Risk and Resilience Team can be contacted to explain this, further. Risk identification and management ensures that decision making is defensible and that the right resources (often being the resource of time) follow higher scoring risks.
Is this the same as Risk Assessment?
A department may assess H&S risks to promote a safe working environment. Risk management via a risk register allows for risks to strategic outcomes to be considered and managed.
How do we embed risk management?
Consider how risk register discussions can fit into existing forums and meetings to better increase visibility.