Review and Escalation
Annual Review and Escalation Process
- A key benefit from risk management is to allow the communication of risks through the organisation. It is important, therefore, that whilst compiling their Risk Registers Faculties / Divisions / Departments consider the College Risk Register. There must also be a process whereby significant risks from Department / Division risk registers are considered for inclusion / incorporation into Faculty and/or College Risk Registers (see diagram below). This ensures a clear link between risk registers and that risks are owned and managed at the right level.
- Regular analysis of Department risk registers, by the Risk Management Department, provides the means of identifying systemic risks that would not otherwise be recognised and the means of escalating these risks to the appropriate level for resolution.
Risk Management at Imperial College
- Stage 1: of the review process starts with the planning round when objectives and risks are reviewed and priorities set. Each Faculty, Department and Division updates their risk registers in Empirical. It would be expected that Department/Divisional risk registers reflect faculty priorities and are complementary to the Faculty risk register.
- Stage 2: All the updated risk registers in Empirical are then analysed by the Risk Manager, with particular emphasis on emerging and / or systemic risks, and the analysis shared as appropriate.
- Stage 3:
- The College's Risk Register and Action Plan is then circulated to those members of the College's senior staff with responsibility for mitigating the College-wide risks included in the Register.
- The College officers are asked to identify the mitigating actions they have taken in the past year along with any new mitigating actions to be taken in the coming year and to amend the Register accordingly.
- Stage 4: A Review of the Minutes of Council, Management Board, Portfolio Review Board and Support Services Committee meetings are reviewed to identify any new risks reported during the year and assess what action had been taken to mitigate these risks.
- Stage 5: On completion of these four stages, a consolidated report will be considered by the Management Board, together with any proposed revisions to the College Risk Register and Action Plan. The Management Board will also consider whether any revisions are required to the Risk Management Policy and Procedures, The Management Board's approved Report and any recommendation is then passed to the Audit Committee in time for it provide the Council with an opinion on whether the College has had an effective risk management process in place for the preceding year.
- Stage 6: Following the updates the Management Board’s review is submitted to Risk Committee