The University of Cape Town (UCT) Risk Office is responsible for coordinating the University’s risk management capability and insurance offering to ensure that the adverse outcomes are avoided or minimised and maximise the opportunities that risk creates.
UCT’s Enterprise Risk Management (ERM) looks at risk management strategically from the view of the entire University, its potential impact and the measures necessary to mitigate risk. This method provides a framework and processes for the identification, assessment, ownership, response, monitoring and assurance of risk/opportunities at the University. UCT’s approach to risk management encompasses:
- actively partnering with faculties and departments to facilitate the implementation of risk and control self–assessment;
- deploying a wide variety of communication strategies to improve risk awareness and ownership across the University;
- increasing awareness in the UCT community of potential hazards and risks that may compromise their safety and well-being;
- overseeing the primary responsibility for negotiating and ensuring the sufficiency of the University’s insurance portfolio as well as overseeing insurance claims; and
- overseeing the implementation and monitoring of the business continuity capability of the University in collaboration with other key staff and stakeholders outside the University for best tools and practices.
Refer to UCT Risk Management for more information on UCT policies, processes and initiatives around risk management at the University.
UCT management is updated through:
- A quarterly meeting of the Risk Management Executive Committee (RMEC), chaired by the Vice-Chancellor, at which the committee receives updates and makes recommendations on risk management.
- A quarterly risk report circulated to the University Audit and Risk Committee (UARC) which is a Council sub-committee, where specific recommendations requiring approval are tabled for further debate and discussion. The UARC is chaired by a member of Council and has independent members who are specialist in their respective areas of expertise.