ACU's approach to risk management aligns with Australian and New Zealand Standards AS/NZS 31000:2009 (Risk Management - Principles and Guidelines), as well as COSO and other relevant guidelines. This alignment ensures a best practice approach to risk management across all business domains.
Risk Management at ACU involves Capture, Assess, Respond and Monitor risks at the institutional level. ACU recognizes that challenges are part of pursuing success, and our risk management process is designed to guide decision-making by identifying the best options, opportunities, and solutions.
This process engages faculty and staff across the university, as risk management is everyone's responsibility at ACU. Insights gathered are used by our leadership team to keep the university on course while remaining adaptive to changes in the global, domestic, and sector environment.
Risk management at ACU is led by the Assurance Unit within the Legal, Assurance, and Governance Directorate (LAG) and overseen by the Audit and Risk Committee, a sub-committee of the ACU Senate. Other committees also contribute to risk management and receive regular reports on related issues.
Our approach is supported by key frameworks and policies:
The Assurance Unit implements the University's risk management system, overseeing risk monitoring and reporting as part of our governance processes.
ACU uses the CARM Risk Management System to manage risks via risk registers. CARM, which stands for Capture, Assess, Respond, and Monitor, is an in-house information management system that calculates risk levels, drives actions, and automates risk management processes.
The Risk Appetite Statement (RAS), Risk Assessment Template, and access to the CARM system are available internally. For access, please contact assurance@acu.edu.au
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