"The management of risk is a shared responsibility at all levels of the University. The Chief Risk Officer oversees the implementation of the Enterprise Risk Management Framework.
The University will identify and manage its enterprise risks in support of its vision, mission, goals and aims as set out in the strategic plan and its operations. The University can not seek to eliminate risk; rather, it will ensure that existing and emerging risks are identified and managed within acceptable risk tolerances."
[Excerpts from NUS President’s ERM Policy Statement]
The National University of Singapore (the University) is committed to establishing an institution that ensures risk management is an integral part of all university activities and a core capability. Enterprise Risk Management (ERM) ensures the continued growth and success of the University. The ERM function assists all levels of the administration in achieving the University’s strategic objectives by bringing a systematic approach to evaluating and improving the effectiveness of risk management and control.
The University’s objectives in managing risk include:
Integrating risk management into the culture and strategic decision-making of the University;
Anticipating and responding to changing social, environmental and legislative conditions;
Managing risk in accordance with best practice, and demonstrating due diligence in decision making;
Regarding legal compliance as a minimum standard;
Balancing the cost of managing risks with the anticipated benefits; and,
Raising awareness of the need for risk management.
ERM is designed to identify potential events and trends (which are commonly defined as `Risks’) that may significantly affect the University’s ability to achieve its strategic goals or maintain its operations either positively or negatively. Through the ERM process, identified risks are assessed against the University’s level of risk tolerance, to provide reasonable assurance regarding the achievement of the University’s objectives.
Chief Risk Officer
National University of Singapore