All teams within HEFCW assess risks in relation to their objectives and projects, including all appropriate corporate and operational plan objectives.
Management Board scrutinise each team’s risk register on a quarterly basis to ensure a consistent approach and to consider the range of risks identified by Teams as being significant. In 2011, we updated how we score risks in order to ensure a consistent and accurate approach. We now score risks by using a 5 point scoring system: very high, high, medium, low and very low. The possibility of the risk occurring and the potential impact that it could cause are both scored individually by using the above scoring system. Both of these scores are multiplied to provide an overall score. We use a matrix that combines all the scores and within that there is a ‘tolerance boundary’ that determines whether a risk goes onto the Corporate Risk Register or remains on the team register. Management Board agree the totality of significant risks that make up the Corporate Risk Register, and minor risks remain on team registers only.