Download the Annual report 2011 - Unisa

UNISA ANNUAL REPORT 2011
REPORT ON RISK EXPOSURE
AND RISK MANAGEMENT
The university is committed to a continuous, systematic and integrated
process of enterprise-wide risk management that focuses on identifying
risks as well as managing and monitoring all known forms of risk across
the institution. The features of this process are outlined in the Enterprise
Risk Management Policy Framework of the university.
Risk may be defined as “a potential threat or possibility that an action or event will adversely or
beneficially affect an organisation’s ability to achieve its objectives”. At Unisa there is a
defined structure of engagement with regard to the monitoring of risk resilience.
The institutional approach is to give considerable focus to the organisational objectives at the
various levels (strategic and operational) of the university. All key risks are managed within a unitary
framework that is aligned to Unisa’s strategic objectives. A decentralised process is followed
to identify the critical business, operational, financial, strategic and compliance exposures of the
university. The process further applies a rating based on the quality of control, severity and probability
of occurrence, thereby ranking risks and setting priorities. The top risks are addressed
through approved action plans with appropriately assigned responsibilities.
The figure below illustrates the detailed process that is followed in identifying and managing risks.
Risk management process
Communication and Consultation