The Diocese of Worcester Multi Academy Trust Board views risk management as an integral part of good corporate governance.
The documents below demonstrate the DoWMAT’s underlying approach to risk management and include the Trust’s Risk Register which sets a framework for the identification and management of key risks.
Risk is defined as something, currently unknown, that might have a detrimental impact on the achievement of the Trust’s objectives. Risk and Opportunity Management is defined as encouraging innovation through a managed process; ensuring tangible and intangible assets are safeguarded.
The DoWMAT’s approach to risk management aims to;
▪ Identify and evaluate risks which could prevent the Trust from achieving one or more of its strategic aims, objectives or delivery targets, or make their achievement substantially more difficult.
▪ Assess the likelihood of such risks occurring (high, medium, low) and the potential impact of such occurrences with particular reference to the areas of finance, reputation and planning/operations.
▪ Enable decisions to be taken on how much risk to accept, the actions/controls applied to avoid or mitigate the likelihood of such circumstances arising, to transfer risk or insure against the consequences and assign responsibility for implementation.