— The University Executive Team (UET) receives reports setting out key performance and risk indicators and considers possible control issues brought to their attention by early warning mechanisms which are embedded within departmental unit plans. The UET also ensures that the University is meeting its many statutory and regulatory compliance obligations and provides reports to the Board of Governors as required
— The UET and the Audit and Risk Committee also receive regular reports from internal auditors, who provide independent opinion on the adequacy and effectiveness of the University’s system of internal control, together with recommendations for improvement. The Audit and Risk Committee’s role in this area is to conduct a high level review of the arrangements for internal control
— In March 2021, a small group, including risk management experts from the academic community and members of the Audit and Risk Committee, was established to steer this exercise, to undertake a risk appetite exercise alongside the development of the new University Strategy
— A new risk matrix was developed as part of a risk assessment/appetite/management process which aims to ensure that the institution is making key decisions with the full knowledge and understanding of the Board of Governors’ view on risk appetite. The Board held a risk appetite workshop in June 2021 and approved the use of a Risk Assessment/Appetite Matrix and set out the level/range of appetite for each of the five core risk themes in the implementation of Middlesex Strategy 2031. This has provided the direction to formulate a revised institutional Risk Appetite Statement
— The Internal Auditors provide the Board of Governors with an annual report and opinion on the adequacy
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and effectiveness of risk management, and control and governance processes, that is reflective of the work that they have delivered in that year
— The Internal Controls Committee is responsible for overseeing an assessment of the effectiveness of internal control on a rolling basis and provides periodic reports to the Governors through the Audit and Risk Committee. The Committee identifies and evaluates the key controls required for significant risks faced by the University and considers a risk-based assessment of effectiveness
— An institutional risk register is maintained and is available on the University’s intranet. The register is reviewed and updated regularly, and management report on the actions taken to mitigate risks. The register and strategic actions frameworks are cross-referenced to each other as an additional mechanism for the identification of risks
— Unit plans report on the local management of institutional risks, identify risks at an operational level and include plans for the mitigation of these risks. Further strengthening of the local risk management process will take place during 2021/22 academic year as part of integrated institutional planning process which is being simplified
— In accordance with our Risk Management Policy, the Institutional Risk Register undergoes a comprehensive annual review. The purpose of this review is to ensure that our Institutional risks continue to be articulated appropriately in light of progress during Strategy development and implementation
— Risk Matrix and Risk Appetite Statements are additional tools introduced in 2021/22 that provide the foundation for our process in developing the projects and defining the priorities within the business plans; and facilitating our decision-making during the implementation of our
Middlesex University
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