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What is Risk Management?

As well as the information on this page, you can download our briefing note introducing the key concepts of risk management

Defining risk management

Risk management can be defined as:

"The process, structure and culture put in place to manage potential effects which could impact on the achievements of the organisation’s objectives and strategies."

Defining risk

A risk, for the purposes of risk management, is defined as:

"The threat that an event or action will adversely affect an organisation’s ability to achieve its objectives and to execute its strategies successfully."

An important point to note is that risk management is not a negative process which only concerns itself with preventing certain events occurring. In fact, risk management is as much about taking risks as it is about avoiding them. By having an effective risk management culture in place, opportunities can be taken advantage of, and innovation can flourish.

What risk management isn't

There are a number of myths and misunderstandings surrounding risk management. Now that we have determined what it is, it might be useful to clarify just what it isn’t, as well:

  • risk management is not just a Health and Safety issue
  • risk management is not a new responsibility
  • risk management is not just for finance and insurance to worry about
  • risk management is not another layer of unnecessary bureaucracy
  • risk management is not just a matter of a yearly review
  • risk management is not about ticking a box for compliance purposes

As well as the information on this page, please click on the link here to open the School's Handbook

To see a full copy of the School's Handbook, please see 'publications'

To see the Hirers Liability Insurance Information please see 'Third Party Hirers' Liability Insurance'