September 2011

Title
Risk Management Policy for Dublin City University Group (including wholly owned subsidiaries).

Purpose
The purpose of this policy is to ensure that risks to the effective and efficient operation of the University are identified, analysed, and managed so that they are maintained at acceptable levels. Our goal is to identify the risks and determine how they may be appropriately treated, tolerated, transferred or terminated.

The University risk policy and framework will be developed, and reviewed at least on an annual basis, through consultation with the Senior Management Group.  The risk policy will then be approved by Executive.

Scope
This policy applies to all elements of the University including those entities within the remit of DCU Commercial.

Overview
Risk management is the ongoing process of identifying risks and implementing plans to address them. Often, the potential risks outweigh the resources available to manage them. It is therefore important to know where to apply available resources to mitigate risk in a cost-effective and efficient manner.

This policy lays the framework for a formal risk management programme  by establishing responsibility for risk identification and analysis, planning for risk mitigation, programme management and oversight. It is important to note that programme management and oversight is a University-wide responsibility that calls for the active involvement of executive leadership, senior managers, and others with management responsibility.

Policy Statements

1. The University Risk Manager (RM) reports to the President and is responsible for coordinating the development, and leading the implementation, of risk management policies, procedures, standards and forms for the University. 

2. The RM is responsible for the ongoing development and day-to-day management of the university’s Risk Management Programme, including the establishment of a Risk Register.  With the assistance of the RM, School and Unit Heads shall ensure that risk assessments are performed at least once annually in their area of responsibility.

3. School/Unit Heads shall submit the annual risk assessment results and associated remediation plans to the RM for review. Remediation plans shall include specific actions with expected completion dates, as well as an account of residual risks.

4. The RM will develop and implement operating procedures to ensure risks are reviewed prior to entering into any contracts that may affect the effective and efficient operation of the University.

5. The RM shall advise the President on risk management strategies and provide periodic reports on analysis of risk findings and updates from the risk registers.  In turn the President will report such findings to Governing Authority.

6. The RM will update the DCU Audit Committee at least twice yearly or as required.

7. The RM will be responsible for University wide communication on risk matters.