5 Virtual Brochure – February 2024 Uniac supports a diverse group of Higher Education Institutions (HEIs) across the UK, including small and specialist providers, large metropolitan universities, research-intensive universities, and those fulfilling specific local and regional needs. This gives us a unique overview of the strategic risk concerns of UK HE and enables us to produce an annual snapshot of how strategic risks are being captured, assessed, and mitigated across a broad cross-section of institutions. Our briefing comprises of: • an analysis of overall risk trends, exploring average ratings of inherent and residual risk across key areas, as well as views on the effectiveness of mitigation activities and the frequency of common risks. • an in-depth consideration of six of the more significant risks facing institutions or those where there has been a significant increase in the average ranking of the risks (financial sustainability, student recruitment, student outcomes, industrial action, cybersecurity, and environmental sustainability). This section provides a commentary on common mitigation actions and draws on recent internal audit observations to suggest topics that institutions may wish to consider. • a commentary on selected risk areas, risks trends, and further considerations for institutions, exploring risk themes around student wellbeing, staffing, business continuity, the digital estate, and the Office for Students (OfS). A companion piece (page 21) provides a comparative assessment of strategic risks from a broad range of business sectors such as financial services, technology, healthcare, consumer and retail, and leisure and hospitality, based on the 2024 European Confederation of Institutes of Internal Auditing (ECIIA) survey. We hope that this will be of interest to senior leadership, audit committees and governors in informing discussions about risk appetite, risk management, and the focus of future internal audit programmes.
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