Objectives
Identify Risks: To systematically identify and evaluate risks that could impact LSET’s operations and objectives.
Mitigate Risks: To implement effective strategies to minimize or eliminate identified risks.
Monitor and Review: To continuously monitor and review risk management practices and update them as necessary.
Risk Categories
Academic Risk: Risks related to the quality and delivery of academic programs, including curriculum relevance, faculty qualifications, and student performance.
Financial Risk: Risks associated with financial stability and management, including budgeting, funding, and financial reporting.
Safeguarding Risk: Risks related to the safety and well-being of students and staff, including safeguarding policies, health and safety measures, and compliance with legal requirements.
Risk Assessment Procedures
Risk Identification: Risks will be identified through regular reviews, audits, and feedback from stakeholders. Potential risks include changes in regulatory requirements, financial instability, and safeguarding concerns.
Risk Evaluation: Each identified risk will be evaluated based on its likelihood and potential impact. Risks will be categorized as high, medium, or low to prioritize mitigation efforts.
Risk Mitigation: For each identified risk, appropriate mitigation strategies will be developed. This may include implementing new procedures, allocating resources, or enhancing existing controls.
Monitoring and Reporting: Risks and mitigation measures will be monitored regularly. Updates will be provided to the relevant stakeholders, and risk assessments will be reviewed annually or as needed.
Responsibilities
Risk Management: The management team is responsible for overseeing risk management activities and ensuring that risks are effectively managed.
Staff Involvement: All staff members are responsible for reporting potential risks and adhering to risk management procedures.
Review and Update
This policy will be reviewed annually or following significant changes in the institute’s operations or external environment. The review process will involve assessing the effectiveness of current risk management practices and updating the policy as necessary.
Contact Information
For any questions or concerns regarding this policy, please contact:
London School of Emerging Technology
1 Cornhill, London, EC3V 3ND, United Kingdom
Phone +44 (0) 20 3369 9909
Email:- support@lset.uk
