To facilitate good governance through accountable management of Monash University's risk management framework.
Scope
All campuses
Policy Statement
Risk management at Monash University is seen as the responsibility of Heads of Departments. Monash University will exercise and encourage accountable management by maintaining and continuously improving its risk management framework and processes.
The Vice-Chancellor has ultimate accountability for the management of risk and is required to provide regular reports to Council on the effectiveness of strategies in place to address key risks. He has delegated the co-ordination of risk management across the University to the Risk and Compliance Unit in his Office.
The Audit Committee of Council oversees and monitors the assessment and management of risk across the University.
Senior Adviser, Risk and Compliance
Heads of Departments
Pro Vice-Chancellor and President, Monash South Africa
Pro Vice-Chancellor and President, Monash University, Sunway Campus
Status
Revised
Key Stakeholders
Audit Committee of Council
Vice-Chancellor and President
Pro Vice-Chancellor and President, Monash South Africa
Pro Vice-Chancellor and President, Monash University, Sunway Campus
Department: Includes unit, faculty, division, portfolio, centre and any other groupings of academic and/or administrative areas.
Head of Department: Person who has overall responsibility and authority for the department.
Risk: The chance of something happening that will have an impact on objectives. Risk can have a positive or a negative impact and is measured in terms of a combination of the likelihood of an event occurring and the consequences if the event was to occur.
Risk Management: The culture, processes and structures that are directed towards realising potential opportunities whilst managing adverse effects.
Risk Management Strategies: The process of selection and implementation of measures to modify risk. These measures may include avoiding, modifying, sharing or retaining risk.
Related legislation
Monash University Act 2009 Financial Management Act 1994
Related policies
Related documents
Australasian Risk Management Standard AS/NZS 4360:2004
