19 Virtual Brochure – February 2024 Appendix A Methodology and thematic categorisation of risks Our analysis has examined in detail the strategic or corporate risk registers of 17 institutions. We have chosen to exclude a number of risk registers where these are undergoing major revision or redevelopment. Each risk has been categorised against one of the 23 themes in the table below. The primary changes from 2022 are: - a new category of “student wellbeing” has been introduced following institutional feedback to separate out risks specifically relating to student mental and physical health and wellbeing and financial support services - two themes of “UK policy environment” and “geopolitics” replace the former “external policy environment” category to better distinguish between domestic and international risks - “Legal and regulatory” risks have been split into “OfS” related risks and “other legal and regulatory compliance” - “EDI” risks are now allocated to “staff lifecycle” or “student experience” as appropriate. For each risk, information was captured on: - The definition of the risk - Mitigating actions, both those in place and those scheduled or in train - The inherent likelihood, impact, and risk score - The residual likelihood, impact, and risk score - The risk trend. To compare assessments of risk across institutions employing different risk matrices and scoring frameworks we have employed a 0 to 1.0 scoring system to normalise each of the risk scores to a standard model. This replaces the 1-5 scoring system used in 2022. Our analysis covers: - the frequency of the occurrence of individual risks across the set of risk registers, reflecting that some risk registers include multiple risks in the same risk theme area. - the frequency with which each risk theme area occurs, giving a score out of 17 for each theme. - calculating the average of the normalised inherent and residual risk scores for each theme. - calculating the difference between the average normalised inherent and residual risk scores for each theme to determine the extent to which institutions believe that risks are being managed. - examining the trends in the ranking of risk themes, mitigating actions and institutional perspectives on risk trends.
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