Risk Management Framework
Introduction
Risk management is a process and not an end in itself. The components of LJMU’s Risk Management Framework support a sound system of internal control, contribute to effective corporate governance and assist in satisfying risk reporting requirements.
We need to see Risk Management in the context of us assessing the risks that relate to LJMU’s objectives and their achievement and ensuring that an effective system of internal control is in place. Risk management lies at the heart of our decision making. LJMU’s attitude to risk and the extent of LJMU’s risk exposure are key determinants for us in making decisions and managing our activities.
The documents and advice in the Framework are intended to ensure that we all routinely identify, evaluate and manage the risks and opportunities in our work.
Managing risk is the responsibility of every member of staff. The contract letter confirming appointment contains a paragraph that explicitly states this position. It notes that while the overall management of risk is the responsibility of the Strategic Management Group, it is also a requirement of all members of staff to adopt best practices in the identification, evaluation and cost effective control of risks to ensure, as far as possible, that they are eliminated or reduced to a level that is acceptable to LJMU. The letter adds that any queries about risk management should, in the first instance, be addressed to the line manager.
All staff are advised to read the SMG (Strategic Management Group) Code of Practice before looking through the other items. This document provides a description of the rationale and main steps for LJMU’s approach to managing risk.
