Business risks arise as much from the possibility that opportunities will not be realised as they do from the possibility that threats will materialise, errors be made, or damage/injury occur.
Within the University, risk identification occurs in two ways:
Structured risk identification: Time is specifically allocated, and appropriate staff are convened, to identifying risks; this is usually carried out within the operation of the Senior Staff Advisory Committee.
Ad-hoc risk identification: Risks are identified during the normal course of work; these risks are managed at the time and reported by staff to the Senior Staff Advisory Committee.
Structured risk identification: At least once per year, the Vice-Chancellor will convene a risk identification workshop. The workshop shall be comprised of: