5.4. Risk Management

LEGEND FOR SENIOR EXECUTIVE TEAM RISK DASHBOARD

Risk

Describes the risk name and the associated root causes or issues

Current risk temperature What is the current risk temperature: Cold, Luke Warm, Warm, Hot or Boiling.

Trend

Has the risk exposure increased, decreased or stayed the same? How does it compare with the risk temperature from the previous assessment?

Control effectiveness How effective are the current controls? Red = Poor, Amber = Fair, Green = Very Good

Independent assurance Three lines of defense

Action progress

1st line of defense: Management Assurance, Risk Owners (Line Managers and Employees) 2nd line of defense: Functional Assurance 3rd line of defense: Independent Assurance (Specialist Audits, Internal Audit, External Audit, Regulatory bodies)

Have the action plans been completed?

Red = Not Yet Commenced, Amber = In Progress, Green = Complete/Nearly Complete

Y = yes N = no P = partial

Owner

Who is the risk owner, responsible for monitoring and reporting on the risk?

VC Vice-Chancellor VP Vice-Principle DVC Deputy Vice-Chancellor COO Chief Operating Officer CFO Chief Financial Officer