Risk management plans can be an important tool to enable departments and business units to adequately manage their risks. Some risk management plans are required for accreditation purposes and may have additional or different requirements. Broadly speaking risk management plans should contain at a minimum at least the following elements:-
- A risk management plan should be in writing, and approved by a person having authority such as the department head, director or Dean, or VP as the case may be.
- The risk management plan must be appropriate to the business of the unit/ department/ college creating the plan
- The person having authority should designate either a person or a committee to be responsible for implementation and ongoing management of the risk management program. The plan should indicate who (individual or committee) is responsible. If committee, plan should indicate who serves on the committee.
- The plan should provide for a process of how risks are identified and managed. This process must be consistently applied.
- The plan should provide for education and training of risk management activities, university policies (as they relate) and processes to all staff within 30 days of commencement of employment. The plan should designate frequency of refresher training.
Please contact us if you need assistance with creating your risk management plan.