Risks and risk management approach
Our Risk Management framework has been put in place to support the identification of risks in departments, faculties and at College level.
Staff recruitment and retention
Risk
Inability to attract and retain sufficient staff due to pay and benefits provision, the high cost of living in London, dissatisfaction associated with pensions, and uncertainty related to Brexit.
Risk management approach
Extensive communication and direct engagement with staff helps us to manage this risk, supported by initiatives on pay and benefits, rental and housing schemes and consultation on pensions.
Space and infrastructure
Risk
If the College is unable to optimise financial and resource investment in space and infrastructure, staff and student expectations of the facilities and equipment may not be met.
Risk management approach
An Estates Strategy Group and the Imperial White City Syndicate are critical in navigating our space and infrastructure risks and ensuring we optimise and manage our approach to planning, investment and compliance for capital programmes across our campuses.
Operational excellence and transformation
Risk
Our transformation investment programme does not deliver the scale of change required to improve the effectiveness and efficiency of College processes.
Risk management approach
Transformation of our operating model involves a number of projects overseen by a Transformation Investment Board and closely monitored to ensure agreed milestones are delivered whilst ensuring consideration of the impact of future technology disruption on existing plans.
Legal, regulatory and compliance
Risk
Failure to follow College policies and procedures, or to develop global College policies and processes adequately, leads to failure to comply with legal and regulatory requirements.
Risk management approach
The College requires sufficient policies and processes to be in place, and sufficient resource available, to provide confidence that legal and regulatory compliance requirements are met and impacts to our operations and reputation are minimised.
Strategic delivery and leadership
Risk
Significant changes to the higher education operating context threaten long term growth, our reputation for excellence and future financial sustainability.
Risk management approach
Our College Strategy is supported by robust oversight and strategic performance monitoring.
Education
Risk
Insufficient progress in improving the student experience and innovating our educational model.
Risk management approach
Implementation of the Teaching and Learning Strategy and initiatives across student experience, student services, equality diversity and inclusion, outreach and space optimisation will deliver evidence based transformation.
Research
Risk
Our research quality and/or impact does not stay at its current level or fails to keep pace with our peer group.
Risk management approach
A clear Research Strategy ensures we are active in developing collaborative research engagement and partnerships in the UK and internationally whilst continuing to focus on our research success rates.
Brexit
Risk
Continued uncertainty related to Brexit and political challenges, linked to global activities and partnerships, impacts research and industry funding, staff retention and student recruitment.
Risk management approach
A Brexit Group actively monitors developments related to Brexit from an internal and external perspective, operating collaboratively across College to develop risk controls and contingency planning for multiple scenarios.
Student recruitment
Risk
Our student diversity is compromised due to immigration conditions and an increasingly competitive and uncertain international context.
Risk management approach
Focus on widening participation in the UK and our International Student Recruitment Strategy, and engagement with alumni, university partnering and the Government enables us to actively manage this risk.
Business interruption (new risk)
Risk
A serious incident causes harm or loss of life to people/animals or physical and/or reputational damage to the College.
Risk management approach
Development of Business Continuity Plans across the College and frequent Crisis Management and Scenario exercises help us to balance pre-emptive and reactive risk based planning.
Partnerships (new risk)
Risk
Insufficient operational readiness for the scale up of growth in global research, academic and commercial partnerships to innovate and deliver future income and growth results in reputational risk for Imperial.
Risk management approach
Our Partnering Strategy is supported by a number of teams including Academic Partnerships, the Research Office and Enterprise with due diligence and operational support in place.
Staff and student welfare (new risk)
Risk
Failure to protect the safety, security and wellbeing of our staff and students, in the UK and overseas, leads to possible harm, injury or loss of life.
Risk management approach
Extensive safety, security and wellbeing policies and procedures are in place across College to protect and support our staff and student community, with appropriate governance to ensure we continually review our resilience and legislative compliance.
Translation and impact
Risk
Failure to provide the technology transfer mechanisms to manage and exploit the College’s intellectual property or facilitate academics and students to engage sufficiently in entrepreneurial activities.
Risk management approach
A new strategy and technology transfer mechanism is supported by continued development of innovative approaches to translation and impact and development of our incubator, accelerator and corporate engagement spaces at White City.
Income diversification
Risk
Failure to grow income from Ventures, commercial activities and Advancement means insufficient fund contribution to support achievement of our capital growth ambitions and to grow our core activities.
Risk management approach
Regular Management Review and Executive oversight supports development of strategies to diversify our income and to balance opportunities and risks successfully, monitoring against our financial targets.