The University of Melbourne Senior Executive

Risk Management Committee

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The Risk Management Committee is a management committee responsible for planning and implementing a risk management framework for the University, monitoring the administration of various risk management programs in operation within the University, identifying any significant risks that are not being adequately managed and assigning accountability for dealing with them, overseeing regular reporting on strategic University risks and the effectiveness of actions in place to mitigate them, reviewing risk management policies and practices and reporting to Senior Executive and the University Risk Committee and, through it, to Council on all matters relevant to the management of strategic risk.

Membership

Senior Vice-Principal or nominee
Provost
Three Deans (if a Dean is not able to attend, an Acting Dean may attend or another Dean. Faculty General Managers may represent a Dean only in exceptional circumstances).
Executive Director, Major Projects
Chief Financial Officer
Executive Director, Human Resources
Executive Director, Property & Campus Services
Executive Director, IT and CIO
Representative from Melbourne Research Office
Representative from the Office of Admissions

In Attendance

Internal Auditor
Finance and Planning Group
Relevant Deans, Executive Directors and responsible Risk Managers attending as required

Terms of Reference

  1. Within the framework approved by Council, oversee the design and implementation of the risk management systems and processes appropriate to manage, monitor and report on the University’s material business risks.
  2. Oversee the preparation and regular updating of the University’s Strategic Risk Assessment framework, assign accountabilities as necessary and monitor the effectiveness of actions being taken to mitigate any significant risks.
  3. Monitor the effectiveness of risk management practices across each budget division and program area, including the effectiveness of risk management assessments within divisional business plans, and advise Senior Executive on any actions that may be required to strengthen identification and management of risk.
  4. Oversee the operation of specific risk management programs, including:

    — Crisis Management
    — Environment Health and Safety
    — Biosafety
    — Insurance
    — WorkCover
    — IT and Information Services
    — Disaster Recovery Planning
    — Business Continuity Planning
    — Campus Security

    and advise on any actions needed either in response to those reports or to improve the effectiveness of those programs

  5. Oversee the development, implementation and periodic evaluation of internal compliance and control systems and procedures to manage risk.

  6. Advise immediately on any significant emerging risks, the accountability for managing those risks and the actions that might need to be taken to mitigate them.

  7. Evaluate the adequacy and effectiveness of the University’s Crisis Management and Business Continuity Plans.

  8. Monitor the effectiveness of policies and procedures to inform all employees, visitors, students and contractors of their rights and responsibilities consistent with the risk management framework generally and specific material business risks identified from time to time.

The Committee reports to Senior Executive and at governance level to the University Risk Committee, and, on an as-needed basis, though it to Council and other Council committees.

The Committee normally meets four times a year.

Notwithstanding other reporting arrangements the Chair of the Risk Management Committee may report directly to the Chair, University Risk Committee, the Vice Chancellor or Senior Vice-Principal on an as needed basis where significant risks require urgent attention.

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