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Enterprise Risk Management Strategy

The Enterprise Risk Management (ERM) Strategy is a five year plan that provides a pathway to embed a culture that supports the identification and management of risks to assist the achievement of strategic goals. The strategy builds on Deakin's current risk management framework and sets out a comprehensive risk management program and implementation plan that is integrated with the University's budgeting and strategic planning processes. It builds on the considerable amount of work that has been done since the University established its risk management process in 1997 and provides a structured direction and controlled implementation plan for the further enhancement of risk management within the University that supports the concepts of continuous improvement and best practice.

Enterprise Risk Management Strategy 2008-2012 "Positioning risk management as a critical driver of process within the University".

The Enterprise Risk Management Strategy has five underpinning criteria which assist in the advancement of the risk management framework, a summary of the five year actions is shown below:

Further develop, support, and embed the risk strategy and accountabilities	Embed the process for risk identification, assessment and categorisation across the University	Measure, analyse, and consolidate all key strategic and operational risks	Report, monitor and conduct activities to provide insights into risk management strengths and weaknesses	Leverage the risk and control information to improve performance
Engage the University with a clear risk communication plan Extend risk management oversight Embed clear risk management accountabilities Improve risk management training	Risk assessment process embedded in all Faculty and Other Area processes Risk tolerance considered in assessment process Implement annual review to challenge the currency of all risk matrices	Risk information is integral in all planning processes; strategic, operational; and budget Alignment and integration of strategic and operational risks	Develop and implement annual ERM strategy implementation plan Implement dashboard risk report Emerging risk reporting Review risk management software Improve control monitoring processes	Increased collaboration and participation on risk management Regular performance measurement on risk Benchmark and optimise risk processes

For more information email: karyn.hughes@deakin.edu.au or snezana.hristovska@deakin.edu.au