Secretariat

Risk Steering Committee

Council approved the formation of the Risk Steering Committee in June 2002. Its Chairman is the Pro-Vice-Chancellor for Planning and Resources, Professor Steve Young.

The Risk Steering Committee advises the Council on risk management, and submits its minutes and an annual report to Council. It also has regular contact with the University's Audit Committee.

Its Membership and Terms of Reference are reviewed annually.

Membership

In 2010, the membership of the RSC was strengthened following a recommendation in the Committee's annual report to Council. Henceforth, membership will comprise:

  • the Senior Pro-Vice-Chancellor
  • the Pro-Vice-Chancellor, Research
  • three members of the Council, including the Chair of the University's Audit Committee
  • a Head of School.

The University's Finance Director also attends RSC meetings.

Role of the Risk Steering Committee ("RSC")

(Terms of Reference first approved by Council 21 June 2002, and annually since)

  1. The RSC is an operational committee set up by the Council to oversee the risk management process of the University. The RSC reports to the Council. The RSC will:
    1. Oversee the Risk Management process of the University as a whole, on behalf of Council
    2. Recommend an appropriate risk appetite or level of exposure for the University
    3. Ensure compliance with HEFCE guidelines
    4. Identify and quantify fundamental risks affecting the University, and ensure that arrangements are in place to manage those risks
    5. At least annually, review fundamental risks and their controls and report to Council
    6. Inform the Audit Committee on risks and controls that should be included in the Audit needs assessment, ensuring the integration of Internal Audit into risk management,
    7. Ensure that extreme risks are adequately dealt with in disaster recovery/business continuity plans and that these plans are up to date and regularly tested
    8. Help embed a risk management culture into a major decisions, through risk education, high level controls and procedures
    9. Consider major decisions affecting the University's risk profile or exposure
    10. Recommend to Council a suitable risk management policy for the University
  2. The RSC will in addition bring reports as necessary to the General Board, Audit Committee, the Planning & Resources Committee and the Finance Committee, and other central committees.
  3. The RSC was established in the first instance to 31 December 2003, and its term has been extended annually by 12 months each time.