1.1
Risk Management
Risk management is embedded in the operation of the University as directed by the Board of Governors. The Universityâ€&#x;s risk management policy was originally approved by the Board of Governors on 11th July 2001 and an updated policy was endorsed by Board of Governors on 10th March 2010. Each year the University produces a risk register which has been informed by HEFCEâ€&#x;s guidance Risk Management: A Guide to good practice for higher education institutions. The register identifies those risks which may prevent the University from achieving its strategic priorities. Each risk is assessed for impact and likelihood on a scale of 1-10 first in gross terms and then after taking account of mitigating factors. A score is calculated by multiplying the impact score by the likelihood score and each risk is given a risk rating. For example high risks are those with a score of greater than 80, medium-high are those in the range 60-79 etc. The risk register is reviewed annually by the Audit Committee of the Board of Governors when it receives a report from senior management on its review of the effectiveness of the internal control system for mitigating risks. The Audit Committee is responsible for reviewing and reporting to the Governing Body annually on the effectiveness of internal control of the University, based on information provided by auditors and senior management, including the Director of Finance and Strategy. The current risk register was reviewed in detail at a meeting of the Audit Committee on the 7th March 2011. Early warning mechanisms have been identified for each risk as have improvement actions and senior staff ownership. 1.2
Excellence
In June 2011 the University achieved the highest possible five-star rating for the European Foundation for Quality Managementâ€&#x;s Recognised for Excellence Award. This programme is designed for private and public sector organisations that are well on their way to organisational excellence, recognising successful efforts to implement excellence and good practice. It also offers the benefits of a structured approach to identifying organisational strengths and areas for improvement as well as an independent and expert external accreditation of what has been achieved. The University of Winchester is the first university in the country to achieve this recognition for the whole institution.
University of Winchester, Hampshire
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