Risk Management Framework November 2004 Risk Facilitator: Dennis J - - PowerPoint PPT Presentation

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Risk Management Framework November 2004 Risk Facilitator: Dennis J - - PowerPoint PPT Presentation

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY Risk Management Framework November 2004 Risk Facilitator: Dennis J Clark 9/21/2005 LBA Risk Assessment 1 Purpose Of This CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY Presentation

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 1

Risk Management Framework

November 2004 Risk Facilitator: Dennis J Clark

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 2

Purpose Of This Presentation

  • The purpose of this presentation is to:
  • 1. Provide a summary of risk management

principles

  • 2. Provide an overview of the Charles Darwin

University (CDU) Organisational Level Business Risk Assessment

  • 3. Provide some examples of risk assessment

techniques for use in day to day activity.

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 3

  • 1. Risk Management

Principles

  • Why Risk Management?
  • Lessons In Risk Management
  • Risk Management Methodology &

Process

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 4

Why Risk Management?

  • Where The World Is Heading
  • Makes Sound Business Sense
  • Essential Element of Good Governance
  • Essential Process For Directors

& Officers (Senior Managers) Under Relevant Legislation (CDU, CAC,FMA, Corporations etc Acts)

  • Provides External Kudos
  • Defence In Court Actions Or Government

Enquiries

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 5

Lessons In Risk Management

  • Already Part Of Day To Day

Operations But Not Generally Documented

  • The Key Is Documentation Of

Existing And Proposed Activities

  • Methodology Critical
  • Process Important
  • Courts Can’t Second Guess After

The Event

  • Properly Implemented And

Maintained Is A Powerful Process

  • Can Prevent Failures
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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 6

RM Methodology & Process

Establish Context Establish Context Identify Risks Identify Risks Analyse Risks Analyse Risks Treat Risks Treat Risks Monitor & Review Monitor & Review * Risk Management Standard (AS/NZS 4360: 2004) Assess & Prioritise Risks Assess & Prioritise Risks

Context: Assess strategic,

  • rganisational & risk

management context. Identification: What can go wrong? Analysis / Measurement: Assess expected likelihood &

  • consequence. Review

effectiveness of existing controls. Assess / Prioritisation: Compare risks. Set risk priorities. Treatment Options: Reduce likelihood or consequence, avoid, transfer or retain.

C

  • m

m u n i c a t e & C

  • n

s u l t C

  • m

m u n i c a t e & C

  • n

s u l t

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 7

Key Concepts

Vision/Mission Organisation Defined Strategy Business Objectives Business Objectives Business Objectives

Controls

Risks Risks Risks Risks Risks Risks

Controls Controls Controls Controls Controls

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 8

Internal External Risk Categories Sources of Risk Sources of Risk Risk Exposures

Risk Model

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 9

CDU Risk Wheel

Business Development & Competition Systems & Project Management Education & Curriculum Finance & Funding Stakeholders & Legal Liability Operations, Facilities & Environment Information Technology People & OHS

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 10

Risk Consequence and Likelihood Matrix

Level Descriptor

1 Insignificant 2 Minor 3 Moderate 4 Major 5 Catastrophic

CONSEQUENCE TABLE Level Descriptor

1 Rare 2 Unlikely 3 Possible 4 Likely 5 Almost Certain

LI KELI HOOD TABLE

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 11

Risk Consequence and Likelihood Matrix

Rare Unlikely Possible Likely Almost Certain Catastrophic 5 Major 4 Moderate 3 Minor 2 Insignificant 1 5 4 3 2 1 M L L L L S M L L L H S M L L H H S M L H H H S M LIKELIHOOD CONSEQUENCE

Risk Scoring Matrix

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 12

Inherent vs. Assessed Risk

Effectiveness of existing management processes to mitigate risk exposures Opportunity for further risk reduction strategies Inherent Risk

Assessed Risk

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 13

Risk Evaluation

risks requiring management action unacceptable risks

cut-off increasing risk

acceptable risks

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 14

Risk Treatment Options

O P T I O N S O P T I O N S ACCEPT Accept the level of risk Reduce likelihood or consequence REDUCE TRANSFER Shift responsibility to third party AVOI D Do not proceed with the activity

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 15

Business wide reviews

at Organisation level

Assignment/task level reviews Specialist/specific reviews Project/service line reviews on a cyclical plan

All significant & high risks covered

Levels of Risk Assessment

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 16

  • 2. CDU Organisational Level

Business Risk Assessment

!Executive Summary. !Process & Outputs. !Risk Assessment Process. !Risk Assessment & CDU Organisational Level Business Risk Profile. !Risk Register. !Ongoing Risk Management.

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 17

  • A. Executive Summary
  • This Report summarises the results of a

CDU Organisational Level Business Risk Assessment conducted at CDU in August/September 2004.

  • It also provides the Risk Management

Plan for CDU.

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 18

  • A. Executive Summary
  • The key strategic risks to CDU are set
  • ut in this Report. It is to be noted that

there are existing risk mitigation actions (“Controls”) reducing the assessed risk levels.

  • Actions are strategies to be adopted in

the future to further reduce risk. These have been developed by Senior Management at CDU.

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 19

  • A. Executive Summary
  • The overall assessment is that the Risk

Profile of CDU , while indicating some higher level risks, is acceptable, given that this is an initial assessment and a risk management focus is being introduced at CDU.

  • Ongoing risk management activities

would be expected to reduce the assessed risk levels further over time.

  • Impact of Risk Events occurring on CDU

reputation important to acknowledge.

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 20

  • B. Process & Outputs
  • Background Briefings On Risk Management.
  • Structured Interviews On Organisational Risk Issues

With:

– VC – VCMG Members – Deans – Heads Of Schools – Campus Leaders – Corporate Managers – Council Members particularly Audit and Risk Committee Members.

  • Organisational Level Business Risk Assessment,

Including Facilitated Development of Risk Actions.

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 21

Organisation Risk Assessment Gather Background Material

Develop Tailored Training Materials Develop Guidance Documents

Input To Strategic Plan Conduct Risk Assessment

Prepare Organisation Risk Profile Prepare Organisation Risk Register Develop Risk Framework Rollout Guide

Governance Interface: Board Audit & Risk Committee

  • B. Process & Outputs

Completed

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 22

Organisation Risk Register Priority Areas For Risk Treatment Risk Treatment Strategies Risk Actions

Ongoing Reporting & Monitoring

Risk Management Standard Options Completed

  • B. Process & Outputs
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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 23

Risk Treatment Options

O P T I O N S O P T I O N S ACCEPT Accept the level of risk Reduce likelihood or consequence REDUCE TRANSFER Shift responsibility to third party AVOI D Do not proceed with the activity

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 24

  • B. Process & Outputs
  • Framework & Risk Management Process provided.
  • Organisational Level Business Risk Assessment

completed.

  • Following documents supplied
  • Risk Profile, Risk Details & Risk Actions
  • Formal Risk Assessment Report
  • Risk Management Plan
  • Risk Register
  • Risk Policy
  • Contract Risk Assessment Procedure
  • Risk Actions.
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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 25

  • B. Process & Outputs
  • Formal Actions drafted as input to CDU

Strategy document following this process.

  • Ongoing risk management

recommendations provided.

  • Audit trail for NT Auditor-General &

AUQA/AQTF reviews provided.

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

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  • C. Risk Assessment Process
  • Key Stakeholders.
  • Steps to Date.
  • Context.
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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 27

Key Stakeholders

  • The following have been determined as

the key stakeholders in the risk management process for CDU:

  • Community
  • Industry
  • Council and Audit & Risk Committee
  • VC and VCMG
  • Deans and Heads of Schools
  • Senior Managers
  • Staff
  • Students
  • Governments - Federal & Territory
  • Commonwealth & NT Education Departments
  • Regulators & Auditors.
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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 28

Key Stakeholders

  • Each have an interest in the ongoing
  • perations of CDU and an

understanding of their individual focus was taken into account in determining the Risk Profile.

  • Again it is worth reinforcing the impact
  • f image, perception and reality when

considering the interests of stakeholders

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 29

Steps Taken

  • Desk review of available

documentation.

  • Structured interviews with key

staff.

  • Production of presentation for

review by VC and VCMG.

  • Workshopping of risk actions.
  • Refinement and finalisation of

documentation.

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 30

Context

  • AS/NZS 4360:2004, the Risk

Management Standard, requires a review of the context for a business risk assessment.

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 31

Context

  • The following issues were considered:
  • CDU past history
  • Current situation and issues
  • Funding
  • Staffing and courses
  • Student numbers and mix
  • Territory characteristics (population,

geography, politics, economy)

  • Government policies
  • Community expectations and obligations
  • Business development and research
  • Systems.
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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 32

  • D. Risk Assessment and CDU

Organisational Level Business Risk Profile

  • In this section is the assessed CDU

Business Risk Profile, with the level of risks determined after taking into account existing Controls (current risk mitigation strategies).

  • Risk Mitigation Actions (Strategies)

have been developed.

  • Risks were classified according to the

Risk Wheel following.

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 33

CDU Risk Wheel

Business Development & Competition Systems & Project Management Education & Curriculum Finance & Funding Stakeholders & Legal Liability Operations, Facilities & Environment Information Technology People & OHS

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 34

Risk Scoring

  • Risks were scored according to

the Risk Matrix following.

  • The Risk Matrix follows the Risk

Management Standard.

  • Risks were scored in accordance

with the Risk Matrix in two areas:

  • Consequence (Impact)
  • Likelihood (Chance).
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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 35

Risk Consequence and Likelihood Matrix

Level Descriptor

1 Insignificant 2 Minor 3 Moderate 4 Major 5 Catastrophic

CONSEQUENCE TABLE Level Descriptor

1 Rare 2 Unlikely 3 Possible 4 Likely 5 Almost Certain

LI KELI HOOD TABLE

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 36

Risk Consequence and Likelihood Matrix

Rare Unlikely Possible Likely Almost Certain Catastrophic 5 Major 4 Moderate 3 Minor 2 Insignificant 1 5 4 3 2 1 M L L L L S M L L L H S M L L H H S M L H H H S M LIKELIHOOD CONSEQUENCE

Risk Scoring Matrix

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 37

Inherent vs. Assessed Risk

Effectiveness of existing management processes to mitigate risk exposures Opportunity for further risk reduction strategies Inherent Risk

Assessed Risk

Level Of Risk

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 38

Risk Evaluation

risks requiring management action unacceptable risks

cut-off increasing risk

acceptable risks

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 39

CDU Organisational Level Business Risk Profile Commentary

  • CDU has a diversity of possible risk issues.
  • Some convert to risks requiring attention.
  • The challenge has been to distil the issues

into a small number of risks that can be appropriately “owned” and therefore managed.

  • Accordingly some risks have been

documented with a variety of facets.

  • Many of the risks are linked, hence reducing

the level of one may reduce the level of another or others.

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 40

CDU Risk Profile Commentary

  • High Risks:
  • Customer Service
  • Financial Viability
  • Staff.
  • Significant Risks:
  • Brand
  • Stakeholder Expectations
  • Courses
  • Students
  • Communication Across CDU
  • Cohesion
  • Student System.
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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 41

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 42 High Significant Medium Low

Assessed Level of Risk Brand #4 Customer Service #1

EXTERNAL RISKS INTERNAL RISKS

CDU Risk Profile

Courses #6 Stakeholder Expectations #5

Stakeholders & Legal Liability Business Development & Competition Education & Curriculum Systems & Project Management Finance & Funding Operations, Facilities & Environment People & OHS Information Technology

Financial Management #11

Staff #3 Business Continuity #12

Communication Across CDU #8

IT Disaster Recovery #13 Student System #10 Cohesion #9 Financial Viability #2 Students #7

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 43

  • E. Risk Register
  • The following is the Risk Register, as

required by the Risk Management Standard:

No Reference Risk Description Consequence Likelihood Risk Score Risk Level 4 SL1 Brand 4 3 7 Significant 5 SL2 Stakeholder Expectations 4 3 7 Significant 1 B1 Customer Service 5 3 8 High 6 E1 Courses 4 3 7 Significant 7 E2 Students 4 3 7 Significant 2 F1 Financial Viability 4 4 8 High 11 F2 Financial Management 3 3 6 Medium 12 O1 Business Continuity 3 3 6 Medium 3 P1 Key Staff 4 4 8 High 8 P2 Communication Across CDU 4 3 7 Significant 9 P3 Cohesion 4 3 7 Significant 10 IT1 Student System 4 3 7 Significant 13 IT2 IT Disaster Recovery 3 3 6 Medium

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 44

  • F. Ongoing Risk

Management

  • Best Practice Risk Framework adopted
  • Risk Management Plan developed.
  • Risk Management Policy developed.
  • Risk Actions (refer diagrams following):
  • Risk Assessment leads to Risk Treatment
  • Risk Owners, Risk Actions and Dates

determined

  • Regular Risk Audit On Actions recommended
  • Compliance Reviews On Risk Management

Process recommended.

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 45

Risk Assessment

  • Individual Risks

Individual Risk Treatment

  • Risk Owners

Strategy

  • Treatment

Actions

  • Dates

Risk Audit

  • Actions Progress

Risk Register

  • Per Risk Management Standard

Ongoing Risk Management

Compliance

  • Regular Reviews
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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 46

Core Areas:

  • Business Development
  • Research
  • Teaching & Learning
  • Community & Access
  • Corporate Services

Specialist Areas Develop Rolling Risk Evaluation Programme Projects Ongoing Reporting & Monitoring Organisation Risk Profile

Rolling Risk Programme

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 47

  • 3. Risk Assessment Techniques
  • Levels
  • Project
  • Contracting
  • Procurement
  • Courses
  • Specialist
  • Performance Measurement
  • Risk Action
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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 48

Business wide reviews

at Organisation level

Assignment/task level reviews Specialist/specific reviews Project/service line reviews on a cyclical plan

All significant & high risks covered

Levels of Risk Assessment

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 49

Project Risk Assessment

  • Objectives:

– On Time – On Budget – To Specification/Quality – With Support – Compliance – Safety

  • Risks:

– Anything Stopping The Achievement Of The Above

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 50

Contract Risk Assessment

  • Categories Of Risk
  • Liability & Risk Issues
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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 51

Categories Of Risk

1. CDU Capacity to Deliver 2. Sovereign and Other Risk Arising From Overseas Projects 3. Intellectual Property 4. Potential Conflict With Other CDU Projects 5. CDU Competitive Position 6. Environmental Impact 7. Potential for Losses And/or Downstream Liabilities 8. CDU Credibility/Reputation 9. Type and Financial Strength of Client

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 52

Liability & Other Risk Issues

  • Pre Contract Commitments And

Representations

  • Pricing Decisions & Competitive Neutrality

Principles

  • Conflicts With CDU Objectives
  • Compliance With Policies/Processes
  • Budget and Cost Management
  • Cost Recovery And Debt Collection
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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 53

Procurement Risk Assessment

  • Categories of Risk
  • Liability Issues
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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 54

Categories Of Risk

1. History and Development of the Supplier's Business 2. Legal Background and Capital Structure of Supplier 3. Critical Performance Elements of the Contract 4. Supplier Management and Employees 5. Commitments, Contingencies and Litigation 6. Supplier Financial Viability 7. OHS

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 55

Liability & Risk Issues

  • Uncontracted Contractor Risk
  • Insurance Waivers
  • RFI/RTP/RFT Processes
  • Transparency Of Selection Process
  • Fair Treatment Of Tenderers And

Potential Suppliers

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 56

Courses

  • Risk Issues:
  • 1. Accreditation
  • 2. Student Numbers
  • 3. Representations
  • 4. Staffing
  • 5. Delivery Methods
  • 6. Course Materials
  • 7. Costing
  • 8. Enrolment
  • 9. Industry Interests

10.Flexibility & Pathways

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 57

Specialist Risk Review s

  • Fraud
  • OHS
  • Environment
  • IT
  • Physical Security
  • Business

Continuity

  • Risk Based

Tender Evaluation

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 58

Performance Measurement

  • Key Is Risk Owner
  • No Shared Risks
  • Risk Owner

Responsible For The Risk, Not Necessarily The Work

  • Development Of Risk

Action

  • Ongoing Refinement

Of:

– Risk Score – Risk Detail – Risk Controls – Risk Strategies

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 59

The Action Needs to Include:

  • Responsibilities
  • Schedules
  • Expected Outcomes
  • Budgeting
  • Performance Measures
  • Review Process

The Risk Action Documents How Risk Treatment Options Are Implemented:

Risk Action

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 60

Discussion/Questions

Dennis J Clark Risk Management dennis.clark@cdu.edu.au www.cdu.edu.au/risk 0412 392 518

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CHARLES DARWIN UNIVERSITY CHARLES DARWIN UNIVERSITY

9/21/2005 LBA Risk Assessment 61

Facilitator - Dennis J Clark

  • Consultant:

– Risk, Audit, Finance, Governance, OHS

  • Chief Internal Auditor ANSTO
  • Former Chief Finance Officer DCITA
  • Former Finance Director IOOF
  • Former Chief Accountant National Mutual
  • Former Chief Internal Auditor North Broken Hill
  • Former Teacher
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w w w .cdu.edu.au