STRATEGIC DRIVERS FOR RISK MANAGEMENT
The University adheres to good practice risk management as set out in the King Report on Corporate Governance for South Africa 2009, and complies with requirements as set out in the Higher Education Act 101 of 1997. In order to achieve this UP is required to implement and maintain an effective risk management process.
The strategic drivers to achieve this are as follows:
- Approval of the principle of formalised risk management at the University of Pretoria and buy-in from Executive and Senior Management;
- Compliance with the Higher Education Act of South Africa and the King 3 'Code on Corporate Governance';
- Existence of a Strategic Risk Management Committee ("SRMC") to oversee the Risk Management process as a whole;
- Oversight by the Audit and Risk Management Committee on behalf of the Council;
- Approved integrated risk management policy and risk management guidelines;
- Approved risk management framework;
- Allocating responsibility for the management of risks to risk owners;
- Allocating appropriate resources to ensure effective and sustainable risk management;
- Continuous evaluation and improvement of the risk management process;
- Continuous review and management of significant risks on an organisational, faculty and departmental level. Where risk management is judged weak or limited in effect, appropriate action will be taken; and
- Entrenchment of risk management in the operations and culture of the University.