Risk management

1. WU manages risk across all its activities.
2. Risk is defined as the possibility of something happening that will impact on organizational objectives. Risk arises out of uncertainty and comprises (a) frequency or likelihood of something happening and (b) Severity or impact of the consequences resulting from the event.
3. Risk Management is the culture and process for systematically identifying, assessing, treating, monitoring, and communicating risks.
4. The purpose is to:
   1. effectively manage potential opportunities and adverse effects.
   2. to implement risk management within WU according to best practice guidelines
   3. to integrate risk management into the management culture of WU, and
   4. to foster an environment where faculty and staff assume responsibility for managing risks.
5. The President will determine the amount of risk management training required by WU personnel.
6. The risk management process follows the stages below:
   1. Establish the context
   2. Identify risks
   3. Assess risks
   4. Treat risks
   5. Monitor the risk and check the outcome.
7. The main kinds of risks facing WU are:
   1. Occupational Health and Safety
   2. General business risks
   3. Financial risks
   4. Risks specific to education
   5. Information Technology
   6. Risks of travelling and working in non-Western countries.
8. Each WU location shall:
   1. identify and record risks
   2. determine the priority of risk by assessing the extent of harm and the likelihood of occurrence
   3. take actions to manage significant risks, and
   4. monitor the effectiveness of actions taken.
9. Risk management is reported to the President.
10. WU may integrate risk management into relevant aspects of WU operations such as:
    1. governance
    2. financial management
    3. business procedures
    4. academic oversight
    5. management of cohort sites
    6. quality management, and continual improvement.
11. Where necessary, each area of operations may develop specific procedures for managing risk.