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Friends definitions of risks. Explain any commonalities
Tom: risk is the possibility of good or bad outcomes
Kinsey: risk is the probability that the final outcome will deviate from expectation
Scott: risk is believing in uncertain outcomes- positive or negative
Sophie: risk is a situation where the possibility of injury, loss, or harm may happen.
June: risk is the likelihood that the occurrence of an event will have negative consequences.
All the definitions above refer to potential future consequences. Risk comprises uncertainty about an activity’s future implications, often focusing on the adverse effects. All the definitions observe that the outcomes of risks deviate from expectations.
Define risk assuming you have been asked by the president of Dalhousie
Risk is any factor that could impact a university’s ability to meet its objectives, both negative and positive. An event with positive impacts will present opportunities, while activity with negative impacts will prevent value-creation for the university.
Risk in a university context involves operational risks, academic risks, and strategic risks. Universities are exposed to considerable risks such as financial risks and operational risks like handling toxic materials in labs. These risks present a daunting challenge to the risk management committee since most of these risks have uncertain outcomes and need high-profile evaluation to align with the university’s objectives and philosophy.
Advise the university on the best risk management framework. Explain your rationale
I would advise the university to adopt the ISO 31000 framework to manage risks since the framework reduces the possibility of risks stacking beyond uncontrollable standards through its sequential order and promotes accountability.
According to the COSO risk management frameworks, the university should set objectives to define operations and means of achieving them to reduce the likelihood of negative impacts. Also, the university should apply risk assessment and response practices through systematic analysis of risks and determining ways to control the risks. Furthermore, the university to set an effective information strategy that ensures accountability. Finally, monitoring of the risk management practices, making necessary modifications through evaluation and management activities.
The ISO 31000 provides sequential guidance on the risk management practices the university should adopt. First, the university should integrate risk management practices such as compliance procedures, roles, and responsibilities of all participants. Second, the university to design a strategy that embeds the risk management practices into the university philosophy and culture. Third, the university implements the risk management strategy through risk assessment and benchmark tests. Fourth, risk evaluation and responding to events eliminate risks at an early stage. Finally, improvement entails reporting, audit procedures, and modifications to risk management.
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