Annual Report - Swinburne University of Technology

Swinburne University of Technology
University’s interests and provide appropriate reports to
Council. Alternatively, should an appropriate Council
member not be available, a suitable external appointment
from the wider community should be sought.
Council has also established, through the University’s
Finance Committee, a Financial Risk Management Sub-
Committee comprising a majority membership of external
Councillors, which will develop models for appropriate
screening and ongoing evaluation criteria in order to enable
Council to properly discharge its responsibilities in respect
of governance.
One of the models to be developed by the Sub-Committee
will be a screening template, the contents of which will need
to be addressed by each sponsor responsible for bringing
forward proposals for new business ventures and/or
contracts and decisions arising as a result of changed
circumstances in existing undertaking and/or contracts.
Risk management
In 1999, the University Council approved the Swinburne
University of Technology risk management policy and
principles document, which was drafted in accordance with
the requirements of the Australian and New Zealand
Standard AS/NZS 4360. The policy was developed with a
very simple objective, stating that the University “will
develop an organisational culture that optimises its ability to
achieve business objectives while ensuring appropriate
management of risks”. In respect to consultancy and other
commercial activities, the University has introduced a
Financial Risk Management Sub-Committee, which is
comprised of four members of Council and the Vice-
Chancellor. The Sub-Committee is responsible for ensuring
that appropriate risk management and project evaluation
is undertaken in all decisions related to the University’s
participation in new business ventures and/or contracts
and in any decisions arising as a result of changed
circumstances in existing undertakings and/or contracts.
The University has approved a number of policies and
procedures that deal with consultancy services and
commercial activities. These policies and procedures must
be followed when negotiating contracts and all contracts
must be formally approved both financially and legally
prior to execution.
Risk management reviews are periodically conducted for
the various academic and management units, to ensure
that all risk matters are appropriately identified, evaluated
and controlled accordingly. In accordance with reporting
requirements, the following is a summary of those
associates and commercial ventures with capital
investment in excess of $100,000 or turnover exceeding
$500,000 and any associates and commercial ventures
which have no limited liability.
Annual Report 2002
Associate/Commercial Venture Principal Objects Level of Financial Risk Level of Reputational Risk
(High, Medium, or Low) (High, Medium, or Low)
Swinburne Limited Property holding company, for the land and Low Low
buildings leased to the University
Swinburne Graduate School of Postgraduate teaching unit of the University Low Medium
Integrative Medicine Pty Limited
National Institute of Circus Arts Joint venture teaching unit of the University Low Low
Limited
Technology Training Co. Limited Joint venture to provide vocational training Medium Medium
in Thailand
Swinburne Ventures Limited Advisory company to advise on the Low Low
commercialisation of intellectual property
Neurometric Systems Pty Limited Research activity unit associated with the Low Low
Brain Sciences Institute
Swinburne Institute of Integrative Entity to assist the Swinburne Graduate School Low Medium
Medical Research Limited of Integrative Medicine in clinical research
www.swin.edu.au
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