Last Updated: 12 July 2022
London School of Emerging Technology (LSET) recognizes that risk is inherent in all aspects of its operations. This risk may affect students, staff, and members of the public, as well as the physical facilities at LSET, including their operation and related systems, policies, and procedures. Risk Management Policies are designed to identify, evaluate, and control business risks in order to ensure, as far as possible, that they are eliminated or reduced to a level acceptable to the LSET. In this policy, we explain how the LSET approaches risk management, as well as the roles and responsibilities of the LSET Executives and other key stakeholders. In addition, it identifies the main reporting procedures and highlights key aspects of the risk management process. Furthermore, it describes the process by which the LSET key stakeholders will evaluate the effectiveness of the LSET’s internal control system.
Academic Risk – The LSET recognizes the importance of having sound risk management mechanisms in place to mitigate the failure of academic operations that may jeopardize institutional viability. In order for LSET to be relevant to the industries served by the LSET, it is imperative that these mechanisms maximize the quality of delivery and associated outcomes.
Financial Risk – Since the LSET is risk averse, strong financial controls must be in place and the LSET must protect itself from major financial shocks such as interest rate exposures and loss of funds (if any) on deposit.
Project / New Ventures Risk – LSET investments are only made based on financial forecasts and an evaluation of the risks involved in projects. In evaluating projects, the balance between risk and reward will be paramount as well as the level of investment.
Safeguarding – Managing all students, particularly those under 18 years of age, is of paramount importance and any major incidents could result in significant reputational damage. Although it is acknowledged that a student’s time at LSET is formative in their development as adults, this must be balanced with an inclination not to be overprotective.
We may provide students with practical work sessions in key curriculum areas, including robotics, and machine learning, as well as overseas trips. We recognize that in order to provide attractive courses that maximize employability, students must be provided with challenging opportunities to achieve success. In spite of the fact that such activities will always be risk assessed in order to anticipate and mitigate dangers and risks, it is acknowledged that the risk of serious injury to students and staff can never be eliminated.
Sports activities – The LSET recognizes that all these activities carry an inherent risk, whether in competition or training, for those actively participating and for those in close attendance. While it is understood that the risk of injury cannot be eliminated, the LSET expects that appropriate risk assessments and training will be implemented in order to anticipate and mitigate dangers and risks.
Policies and Procedures
As part of the internal control process, a number of policies are attached to significant risks. LSET Executives set the policies, which are implemented and communicated to staff by senior management. Where appropriate, written procedures support the policies.
A regular meeting of the LSET Executives is held to monitor key risks and their controls. Risk management decisions are made by the Senior Management Team at its regular meetings.
Business Planning and Budgeting
As part of the business planning and budgeting process, objectives are set, action plans are agreed upon, and resources are allocated. The progress towards meeting the business plan objectives is monitored on a regular basis.
Business Continuity and Contingency Planning
In order to address those areas and activities deemed to be potentially high risk, the LSET Executives have developed a comprehensive Business Continuity Plan, including an IT Disaster Recovery Plan and a Major Incident Plan.
Risk Action Plan
There are several actions that can be taken to control risk further, which are listed on the Risk Register. These actions facilitate the identification, assessment, and ongoing monitoring of risks that are significant to the LSET. A regular review of the Risk Register is conducted by senior management, and emerging risks are added as necessary. Improvement actions and risk indicators are monitored regularly by LSET Executives and Risk Owners. At each meeting, the Top Ten LSET Risks are presented and any necessary changes are discussed.
Internal Audit Programme
A key element of the internal control process is internal auditing. In addition to its normal program of work, internal audit is responsible for aspects of the annual evaluation of the effectiveness of the internal control system within the organisation.
The external audit provides feedback to the LSET Executives on the effectiveness of the internal financial controls reviewed as part of the annual audit.
In some instances, external consultants will be required in areas such as health and safety and human resources. Consultants and third parties who specialize in internal control systems can enhance the system’s reliability.
It is expected that this policy will be reviewed at least every year in September
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