| 1. What is risk? |
Any event that has an impact on the realisation of the University's stated objectives.
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| 2. What is risk management? |
Effective risk management is good management practice and is primarily about common sense, continuous improvement in decision-making and maximising the ability of an organisation to achieve its strategic objectives. Broadly, risk management can be defined as a process by which an organisation can achieve its strategic organisational objectives through the identification, analysis, assessment, treatment and monitoring of identified risks.
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| 3. What is the value of risk management? |
Risk management should not be seen as a defensive or risk avoidance mechanism. When used appropriately risk management can assist the ANU to achieve better decision-making processes and a higher level of return of resources investment (human, financial, technological) as risks are identified and managed with any potential consequences being understood, controlled and accepted.
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4. What is the link between Audit and risk management?
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The ANU Internal Audit program is risk-based and informed by the University's risk assessment outcomes.
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5. How do you measure risk?
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Generally, risk is measured in terms of consequences and likelihood. Consequence refers to the impact or outcome of an event. Likelihood refers to the probability or frequency. Risk can be measured qualitatively or quantitatively. Qualitative analysis is usually used as the first line of evaluation to obtain a general indication of risk levels and to clarify major risk. Qualitative analysis is also the most cost effective. See example risk matrices in the Risk Management Policy Procedures document.
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