For any organisation, including academies, risk can be defined as the uncertainty that an event or an action will adversely affect their ability to achieve their objectives and to execute successfully their strategies. Risk is not only about adverse events, it is also about ensuring that an institution is in a position to minimise its lost opportunities.
The DoWMAT Trust Board has ultimate responsibility for ensuring there are effective risk management arrangements in place: identifying and reviewing key risks - and ensuring appropriate actions / internal controls are in place to control these risks effectively.
Our process for identifying and managing risk is as follows;
- Determine a Risk Management Policy
- Identify current risks
- Assess impact and likelihood
- Establish a Risk Register
- Identify key risks
- Decide how risk can be reduced / eliminated
- Put a plan in place to mitigate the risks
- Monitor and review progress