Risk Management Policy
RIAM Risk Management Policy
Date of issue: 17th August 2016
The RIAM is committed to establishing and maintaining a systematic approach to the identification and management of risk. The purpose of this policy is to ensure that risks to the RIAM are identified, analysed and managed so that they are maintained at acceptable levels.
This Policy applies to all sections of the RIAM – its staff and Local Centre examiners.
Definition of Risk
A probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through pre-emptive action.
Objectives of the risk management process
The objectives of the RIAM’s risk management process are:
1. To protect the assets and reputation of the RIAM and to ensure its continued financial well-being.
2. To support better decision making through a good understanding of risks and their likely impact.
Risk management and oversight is a RIAM wide responsibility that calls for the active involvement and cooperation of management and staff.
The RIAM Board of Governors, through its Audit Committee, is ultimately responsible for exercising oversight over the RIAM’s system of risk management. Senior management is responsible for coordinating the development and maintenance of the risk management function.
The Finance Officer/Secretary is responsible for the ongoing development and day-to-day management of the risk management function. He will report regularly on risks and their management to the Audit Committee.
A risk register will be maintained and updated, and will be presented to the Board of Governors formally at least once a year.
Heads of Faculty/Senior Examiners/Office Supervisors are responsible for the day-to-day management of risks under their control. They will be assisted in this role by senior management as necessary.
Senior management is responsible for coordinating the implementation of this policy and for providing guidance on the interpretation of specific policy requirements.