2007 Annual report (PDF 8.1 Mb) - University of Melbourne

STATUTORY
REPORTIng
The University continues to monitor the
effectiveness and accessibility of its
grievance procedures making adjustments
as required and reports key data on
grievances to its Council annually.
4. Statement on the University’s
Risk Management Strategy
The management of risk is a core framework
component of the University’s Accountability
Structure which integrates annual cycles of
strategic and operational planning, reporting
and quality assurance. The University seeks
to alert staff to the ongoing importance of
monitoring and addressing risk in all areas of
University activity.
A number of structures and processes are
in place for identifying and managing risk.
Senior Officers are assigned accountability
for designated areas of risk. The Risk
Management Committee has responsibility
for monitoring the performance of University
Officers in managing risk and for ensuring
risk is managed in a coordinated manner.
Several Council Committees exercise a
governance role on behalf of Council in
ensuring that designated risk accountabilities
are being properly exercised.
The Audit and Risk Committee which
reports directly to both the University’s
Finance Committee and Council, continues
to encompass the governance responsibility
for broad monitoring of the handling of
University risk. The membership of this
committee comprises external members of
Council and other external appointees with
expertise in audit and risk management.
In carrying out its oversight role over
University subsidiary companies and
controlled entities, the Subsidiaries Sub-
Committee, a Committee reporting to
the Finance Committee, reviews annual
budgets and business plans, including risk
management plans, and regularly monitors
performance against budget and plan.
Two other University committees
exercising significant risk management
accountabilities are:
UNIVERSITY CONTROLLED ENTITIES – LEVELS OF FINANCIAL AND REPUTATIONAL RISK
CORPORATE VEHICLES PRINCIPAL OBJECTIVES LEVEL OF
FINANCIAL RISK
(HIGH, MEDIUM
OR LOW)
Australian International Health
Institute Ltd (The University of
Melbourne) Limited
To undertake research, development, education, training, consultancy and other
activities in regard to medicine, dentistry, health, health science and related
areas.
Medium
LEVEL OF
REPUTATIONAL
RISK (HIGH,
MEDIUM OR LOW)
Low
To provide facilities for study, research and education.
Australian Music Examinations
Board (Vic) Limited
To represent in Victoria the Australian Music Examinations Board as the State
Committee for the purposes of the conduct within the State of Victoria and
elsewhere of music examinations.
Low
Low
To aid, promote and assist music, music education and the appreciation of music.
Australian National Academy of
Music Limited
To operate as a national centre of excellence in practical music education and
training.
Low
Low
To provide practical music education and training for outstandingly talented
music students.
UMEE Limited (formerly
Melbourne University Private
Limited)
Melbourne Business School
Limited
To commercialise educational services.
To conduct English Language teaching.
Low
Low
To undertake the education of University graduates and others in management
studies.
Low
Low
To conduct post-experience courses for practising managers.
To conduct postgraduate research programs into management and related areas,
and to promote, licence, develop and apply the results of research activities.
Melbourne University Publishing
Limited
To publish the best scholarly writing from Australia and overseas, both within and
independent of the tertiary sector.
Medium
Low
To develop and disseminate text and image-based intellectual property in a
variety of formats and media.
To retain and develop Melbourne University Press and the Miegunyah Press as
imprints of the company.
Melbourne Ventures Pty Limited
MU Student Union Limited
The Meanjin Company Limited
Victorian Institute for Chemical
Sciences Limited
To create a valuable portfolio of successfully commercialised University of
Melbourne technologies by making available to University staff the requisite
skills and resources to ensure that technologies developed by the University are
given the best possible opportunity to succeed in the commercial marketplace.
To advance the education of students of the University by providing amenities,
services and facilities for the benefit of students, utilising the Amenities and
Services Fee funding and such other revenue or reserves of the company as may
be appropriate in the circumstances.
To publish Meanjin, a quarterly literary magazine reflecting the breadth of
contemporary thinking in literature and other art forms or broader issues of the
times.
Low
Medium
To advance chemical sciences in Victoria Low Low
Low
Low
Low
Low
The University of Melbourne Annual Report 2007 83