Status and Details

Status and Details

This page contains information about the status, approval and implementation of this document, contact details for the relevant Unit Head and document author and, on the right, a brief summary of changes between this and the previous version.

Enterprise Risk Management Policy

Show Field Notes
Status Current Indicates if this version of the document is in effect (Current), yet to come into effect (Future), or expired (Historic).
Effective Date 12th December 2024 This is the date on which this version of the document came into effect.
Review Date 12th December 2027 The next review of this document is scheduled to commence on this date.
Approval Authority University Council The noted authority approved this is version of the document.
Approval Date 6th December 2024 This is the date on which this version of the document was approved by the authorised authority.
Expiry Date Not Applicable This is the date on which this version expires. It may still apply, conditionally, after this date.
Responsible Officer Robert Oldfield
Chief Risk and Assurance Officer
The position responsible for monitoring the effectiveness of a policy document and its review.
Responsible Executive Matthew Wright
Chief Operating Officer and Vice-President Operations
The position with overarching responsibility for ensuring implementation of, and compliance with, the policy document.
Enquiries Contact Risk and Assurance Division General enquiries should be directed to the officer/area listed.

Summary of Changes from Previous Version

The main changes are:
• Expansion of scope to include all UOW and all activities conducted by or on behalf of UOW.
• Change â€~Risk Management Framework and Guidelines’ to â€~Procedures’ to align with UOW’s Policy Management Policy and ensure risk is performed consistently
across UOW.
• New provisions and principles, and renamed sections to align with the international standard (AS ISO 31000:2018)
• Added NEW Section on ERMF to the policy, originally from the guidelines.
• Added NEW Section on Reporting and Response which includes response for risks outside of appetite (consideration for inclusion in DOA)
• Updated policy to reflect current practice on Emerging Threats and Local and Enterprise Risks.
• Renamed â€~Risk Assessment’ to â€~Risk and Control Self-Assessments’ to reflect current practice.
• Updates to terminology and definitions to align with changes to practice and organisational structures.
• Updated financial consequence descriptors in the consequence ratings table.
• Added detail on Risk Culture to align with UOW values proposition.
• Incorporated the Enterprise Action Register in procedures to recognise current practice
• Added NEW section dealing with policy breaches.

Clauses Amended:Policy: All