The Risk Management Framework is an iterative process consisting of steps when taken in sequence, enable continual improvement in decision making. It constitutes a logical and systematic method of identifying, analysing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable the University to minimise losses and maximise opportunities. The University of Limerick Risk Management Framework provides assurance from academic and administrative functions to the senior management team and, through the team, to the Audit & Risk Committee and Governing Authority. Effective risk management focuses on understanding and measuring risk rather than necessarily avoiding or totally eliminating it.
Risk Management Framework
The UL Risk Management Framework consists of the following:
- Risk Management Policy
- Guideline to Risk Management
- Risk Appetite Statement
All of which can be found on the UL Policy Hub