Office of Risk Management and Compliance
Strengthening Governance, Risk & Compliance
Enhanced Risk Management
NUS’s approach to risk management encompasses:
- A newly integrated Office of Risk Management and Office of Privacy and Compliance, headed by a Chief Risk Officer. This integrated office and position were established in January 2020 based on recommendations from KPMG (study commissioned in 2016) and Wyman (2019). The office oversees the strategic and operational risk areas of NUS and implements recommendations approved by management. One of the objectives of this office is to improve risk awareness and ownership at NUS.
- A quarterly meeting of the Risk Management Steering committee, chaired by the President of NUS, at which the Committee receives updates and makes recommendations.
- A quarterly risk report is circulated to the Executive Committee. If there are specific recommendations requiring approval, these are tabled for debate and discussion by the Executive Committee.
The Risk Management and Compliance Office uses sensing and data analysis to inform management on current and trending risks. The Risk intelligent approach used is dynamic and anticipatory; it is a fundamental shift away a typical, remedial approach risk management. It is the aspiration of NUS that our new paradigm will serve as an example for risk management and risk intelligence protocols for other institutions of higher learning.
Risk intelligence is “the organisational ability to think holistically about risk and uncertainty, speak a common risk language, and effectively use forward-looking risk concepts and tools in making better decisions, alleviating threats, capitalising on opportunities and creating lasting value.” (Source: Risk Intelligence: A Bedrock of Dynamism and Lasting Value Creation, Tilman, L, 2012).