Risk & opportunity
Definition of attribute
- Assesses and manages risks and measures impact on institution
- Takes calculated risks to enhance results
- Manages in an environment of uncertainty
- Identifies and takes advantage of opportunities in new and insightful ways
Integration of attribute into practice
Standard
- Effectively assesses and manages risks
- Balances the calculation of risks and results
- Ensures systems are in place to enable innovation; minimises the impact of risk without stifling creativity
Enhanced
- Seeks, identifies, and seizes opportunities which help the University pursue its strategic vision; translates those opportunities into action plans
- Understands scenario planning and employs its techniques when assessing and managing risks to the institution
- Ensures the institution and its culture are open to new opportunities which advance the University’s mission and has structure in place so that these opportunities are effectively realised in practice
Skills and tools
- Risk modelling tools to mitigate risks and exploit opportunities: distribution, diversification and hedging, the law of averages, decision tree analysis, forecasting
- Communicating risk and opportunity across the institution