Risk management is the process of identifying and evaluating risk and developing strategies to avoid personal injury, property damage, and the resulting financial losses. Risk management means ensuring that no one is injured and that no property is damaged in the event. Risk management is the process of making decisions and taking action to minimize the adverse effects of risk on an organization. In schools, potential risks include injury to a student, a lawsuit filed by an angry parent, or damage to the school's reputation.
Managing risk means considering the effect of uncertainty (whether positive or negative) on school objectives. The templates provide examples of risks with examples of existing and new risk management strategies (controls and treatments); however, they need to be reviewed or updated to adapt them to your specific context. The results of the risk management process must be documented and reported through appropriate mechanisms. Identifying current controls and their effectiveness is one of the most important aspects of risk management.
Exposure to risk can continue, as long as it has been properly evaluated and managed to levels as low as reasonably possible. Developing a risk management plan for your school will not only reduce the chances of risks occurring, but it will also mitigate the effects of those risks if they do occur. Risk management is important because it keeps your students, teachers and finances safe from harm, while protecting your financial assets and reducing your legal liability. There's a lot at stake, so it's critical to understand risk management and develop a risk management plan for your school.
Next, you should create plans to reduce the likelihood of risks occurring and the responses if risks arise. Report on risks that are shared with relevant stakeholders to ensure that the school is managing risks appropriately. In addition, it must provide all managers with transparency about how the risk management strategy works. With all relevant internal and external stakeholders, during all stages of the risk management process.
School leadership teams (principals and business managers) can contact the Planning, Risk and Governance Branch for specific risk advice and risk training workshops. The department's risk acceptability table is used to decide if the risk is acceptable, based on the calculated rating. It generally describes the risk, the causes of that risk, and the person or group responsible for managing it.
