21 Virtual Brochure – March 2025 Risk management practice in higher education Our analysis shows a wide range of practices around the design, content and use of strategic risk registers as part of the institutions’ assurance frameworks. We would encourage audit committees to consider whether institutional strategic risk registers provide enough detail about risks, impacts and actions to enable effective governance challenge, and whether discussions about strategic risks are frequent enough. Committees should also support the use of risk appetite or target risk scores to inform both debate and the design and coverage of assurance activities. Where there’s a significant reduction between the inherent score to the mitigated score this suggests a significant reliance on internal controls, and a need for regular and rigorous testing to provide assurance that controls are working as intended. From our 2024 analysis this would point to focusing on cybersecurity, student recruitment, student wellbeing and apprenticeships in particular. How Uniac is supporting institutions Uniac’s internal audit and assurance service is grounded in a well-established riskbased methodology, which takes full account of higher education governance and regulation. We also provide assurance on the effectiveness and efficiency of institutional assurance and risk-management frameworks.
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