Status and Details

This page contains information about the status, approval and a summary of the changes from the previous version of the document. Please note that the Unit Head listed on this page is the current owner of this policy and may not reflect the University position/staff member who owned this policy at the time of publication.

Risk Management Policy

Show Field Notes

Status	Historic	Indicates if this version of the document is in effect (Current), yet to come into effect (Future), or expired (Historic).
Effective Date	13th September 2019	This is the date on which this version of the document came into effect.
Review Date	13th September 2021	The next review of this document is scheduled to commence on this date.
Approval Authority	Board of Trustees	The noted authority approved this is version of the document.
Approval Date	13th September 2019	This is the date on which this version of the document was approved by the authorised authority.
Expiry Date	1st March 2023	This is the date on which this version expires. It may still apply, conditionally, after this date.
Unit Head	Peter Tow Executive Director, Strategic Projects Implementation and Improvements 45701801	This is the officer generally responsible for day to day administrative matters.
Enquiries Contact	Peter Tow Executive Director, Strategic Projects Implementation and Improvements 45701801	General enquiries should be directed to the officer/area listed.

Summary of Changes from Previous Version

24 January 2023 – System Administrator Fix – placeholder update for Senior Executive from Division-based record to Committee/Group-based record.

15 December – System Administrator Fix – inserted the hyperlink to the Risk Appetite Statement.

13 May 2021 – System Administrator Fix – update placeholder for University Executive from Division-based record to Committee-based record.

11 February 2021 – Updated the document to reflect the position title change for Director, Audit and Risk Assessment to Chief Audit and Risk Officer.

Western Sydney University (WSU) is committed to good corporate governance through risk management. The Risk Management Policy defines the broad accountabilities and structures the University will maintain in order to manage risks. The Risk Management Policy forms part of the overall Risk Management Framework of the University. This Policy was last revised and updated in August 2016. The University has adopted the International Standard ISO 31000:2018 Risk Management – Guidelines. Risk is inherent in all academic, projects, administrative and commercial activities and every member of the University community is continually managing risk. Risk may be potentially advantageous or harmful. The University recognises the primary objective of risk management is to eliminate exposure to adverse risk, but where its elimination is not possible to provide a structured approach to its identiﬁcation and treatment by: a. prioritising risks so that appropriate resources can be directed towards their mitigation; and b. obtaining leverage from risk management by converting risks into opportunities.

Clauses Amended:Policy: All