RISK MANAGEMENT POLICY Dublin & Dun Laoghaire ETB May 2016
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1 RISK MANAGEMENT POLICY Dublin & Dun Laoghaire ETB May 2016 Contents 1. Policy statement 2 2. Purpose 2 3. Scope 2 4. Legislation, codes of practice, standards and guidance 2 5. Objectives 2 6. Definitions 3 7. Roles and responsibilities 4 8. Procedure 4 9. References Training Monitoring and audit 5 Appendix 1: Risk management reporting template 6 Appendix 2: Risk assessment matrix 7 Risk Management Policy DDLETB May 2016 Page 1
2 1. Policy statement It is the policy of Dublin and Dún Laoghaire (DDL) Education and Training Board (ETB) that risks to the achievement of the Strategic Statement should be identified, assessed, managed and monitored to support the demonstration of good governance in compliance with legislation, codes of practice, standards, guidance and relevant Department circulars. All employees are mandated to comply with this policy. Dublin and Dún Laoghaire ETB is committed to supporting and empowering all employees in their work to manage all identified risks and to mitigate the level of risk to a level that is as low as is reasonably practicable. 2. Purpose To support all employees to comply with this policy and procedure so as to support the management of risks that could prevent the achievement of the Dublin and Dún Laoghaire ETB Strategic Statement. 3. Scope 3.1. This policy and procedure applies to all employees of Dublin and Dún Laoghaire ETB It is a requirement of Dublin and Dún Laoghaire ETB that where it engages with third parties, that appropriate evidence is sought of their risk management systems and structures; the objective being to ensure that Dublin and Dún Laoghaire ETB will not be adversely impacted by third party activities. 4. Legislation, codes of practice, standards, guidance 4.1. Education and Training Boards Act, Code of Practice for the Governance of Education and Training Boards 2015 (Circular Letter 018/2015) Department of Education and Skills 4.3. ISO 31000:2009 Risk Management Standard 4.4. Code of Conduct for Employees 4.5. VEC Risk excellence in governance through best practice risk management (IPB Insurance 2009) 4.6. Government Department circulars 4.7. Further Education and Training Act, Objectives 5.1. Support compliance with legislation, codes of practice, standards, guidance and Department circulars 5.2. Support implementation of management controls to mitigate risk 5.3. Support delivery of the Strategic Statement [6 th February 2017] 5.4. Empower all employees to take ownership of risks within their scope of work 5.5. Demonstrate support for good governance 5.6. Improve business performance 5.7. Develop an enhanced awareness of business risk 5.8. Encourage innovation and improvement 5.9. Promote an integrated approach to the management of risk. Risk Management Policy DDLETB May 2016 Page 2
3 6. Definitions 6.1. Risk: Risk can be thought of as a possible loss or other adverse consequence that has the potential to impact on an ETB s ability to achieve its objectives and fulfil its mission (IPB 2009: VEC Risk excellence in governance through best practice risk management) 6.2. Risk management: the management of risk increases the probability of success and reduces the possibility of failure (IPB 2009: VEC Risk excellence in governance through best practice risk management) 6.3. Risk identification: process of finding, recognising and describing risks (ISO 31000:2009) 6.4. Risk assessment: There are two main parameters for rating the risk: 1. Likelihood: representing the possibility that a given event will occur how likely is it to happen/what is the frequency? 2. Impact: the impact or effect on the ETB if the risk actually happens how significant might the consequences be? 6.5. Risk control/management/treatment: management controls or measures implemented to eliminate or mitigate the level of risk 6.6. Risk transfer: a method of control the level of risk e.g. purchase of insurance or engaging with a third party to own the risk and manage it 6.7. Risk appetite: the amount of risk the ETB is willing to bear 6.8. Risk register: database/repository of identified risks; it acts as a management tool for the documentation of identified risks 6.9. Audit: is a systematic, independent and documented process for obtaining audit evidence and evaluating it objectively to determine the extent to which audit criteria are fulfilled (OHSAS 18001:2007) Compliance: the act of being in alignment with legislation, codes of practice, standards and guidance ( 7 Roles and responsibilities 7.1 Board of Dublin and Dún Laoghaire ETB shall ensure that appropriate systems and structures are implemented, monitored and controlled to manage risk 7.2 Audit Committee shall undertake its role in compliance with relevant legislation 7.3 Chief Executive shall ensure that all: Key risks to the successful delivery of the Strategic Statement are identified, assessed, managed and monitored Reported non-conformances are appropriately investigated and that preventive or corrective actions are implemented 7.4 Education Officers and Centre Managers shall ensure this policy and procedure is implemented 7.5 Principals/line managers shall ensure that: this policy and procedure is implemented They notify change in the level of risk to their line manager They provide appropriate support to their staff to manage risk They support systems for the investigation of incidents that may give rise to risk 7.6 Risk Management Coordinator shall coordinate all functions to support the ETB risk management system 7.7 Internal Audit Unit shall: Undertake audits of compliance with required legislation, codes of practice, guidance, standards, and policies, procedures and Department circulars Provides reports to the Chief Executive and Audit Committee for corrective and preventive action to be taken to mitigate risk Risk Management Policy DDLETB May 2016 Page 3
4 7.8 Comptroller and Auditor General shall: Audit compliance in respect of legislation, codes, of practice, standards, guidance and policies and procedures Provide reports to the Chief Executive and Audit Committee for corrective and preventive action to be taken to mitigate risk 7.9 Employees shall comply with this policy and all instruction issued by their supervisor/line manager. 8 Procedure The risks to the successful achievement of the Strategic Statement shall be identified, assessed, managed and monitored on a predetermined basis: 8.1 New risks arising from a new Strategic Statement shall be identified, assessed, managed and monitored 8.2 New risks shall be identified arising from: Non-conformances Incidents Near misses Complaints Claims 8.3 All risks shall be reassessed on a predetermined basis so that an up to date risk assessment is available to support the management of risk 8.4 Risks shall be assessed using a qualitative approach (see appendix 2) 8.5 The effectiveness of management controls shall be reported on at predetermined intervals to the Senior Management Team and the Audit Committee (see appendix 1 for report template): High level risks every three months Medium level risks every six months Low level risks on an annual basis or more frequently if circumstances change 8.6 Line management shall facilitate audit of the risk management system 8.7 Line management shall implement corrective and preventive action identified as necessary from monitoring and audit exercises 9. Reference Reference should be made to VEC Risk excellence in governance through best practice risk management (IPB 2009) 10. Training Training shall be provided as and when requested to the Risk Management Coordinator 11. Monitoring and audit Monitoring and audit shall be undertaken by: 11.1 Line management with the support of the Risk Management Coordinator 11.2 Internal Auditor shall undertake audit of the risk management system at pre-determined intervals 11.3 Comptroller and Auditor General shall be facilitated to undertake audit of the risk management system. Approved By: Dublin and Dún Laoghaire Education and Training Board Date: 30 th May, 2016 Risk Management Policy DDLETB May 2016 Page 4
5 Appendix 1: Risk Reporting Template Risk grouping Risk description Risk rating before new controls implemented Risk rating after new controls implemented Description of actions undertaken since last report New actions to be undertaken in the next 3/6/12 months Identified challenges that could prevent success Signature Title Date Risk Management Policy DDLETB May 2016 Page 5
6 Appendix 2 Assessment of risk (qualitative and quantitative matrix) All risks shall be identified using a qualitative approach as shown in the matrix below. Risk Management Policy DDLETB May 2016 Page 6
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