Our approach to risk management is described in the Statement of Corporate Governance. Our institution is experimental and ambitious and as such, is prepared to take managed risks in pursuit of our objectives. We consider what might prevent or promote achieving our objectives in our decision-making processes along with possible unintended consequences. In this way we intend to increase the probability of realising our objectives and protecting the values, reputation and financial sustainability of the University.

Cyber security

Institutional risk:
The damage arising to the University from any compromise to the confidentiality, integrity, or availability (CIA) of our information or that of our partners.

Mitigation:
Cyber-attacks are increasing in frequency and complexity. We are investing in a number of improvements to our defences and control framework.

Student recruitment

Institutional risk:
If we fail to recruit the number, type and quality of students required to meet targets, pressure on University finances will increase impacting on its long-term financial sustainability.

The market is increasingly competitive and can be volatile due to macroeconomic and geopolitical events, making forecasting more uncertain.

Mitigation:
A range of mitigating actions are being implemented to reduce our exposure to market volatility and take opportunities to target new markets. This includes activity on course portfolio, pricing, market diversification, recruitment channels and global voice and reputation.

Governance risk and compliance

Institutional risk:
Insufficient governance, risk and compliance arrangements will hinder the development of the University and realisation of objectives by impacting decision-making, organisational culture and effectiveness. In a worst-case scenario failure could result in legal and regulatory enforcement including fines, Office for Students (OfS) deregistration, and loss of UK Visas and Immigration (UKVI) student and worker sponsor status.

Mitigation:
We are taking steps to improve and strengthen these arrangements including implementation of a new enterprise risk management framework, investment in its Governance function and ongoing review of policies and control frameworks.

Digital transformation

Institutional risk:
If the University does not successfully deploy emerging digital technologies to build consistent, inclusive and engaging digital learning environments, then it will not deliver the digital transformation needed to strategically, efficiently, and innovatively achieve its strategic objectives.

Mitigation:
Digital technologies increasingly underpin a wide range of activities across the institution. We are investing in a range of programmes and projects to transform our digital environment to enable us to meet our objectives.

Organisational resilience and business continuity

Institutional risk:
If the University does not have an effective Organisational Resilience & Business Continuity Framework in place, then should a significant event occur, the response will be suboptimal resulting in operational disruption, a negative impact on the timeliness and ability to recover, and reputational damage.

Mitigation:
We are making improvements to the business continuity framework to strengthen its operational resilience against disruption from a range of adverse events. This includes updates to business continuity plans, response frameworks, notification systems and investments providing greater resilience.

Global reputation and impact

Institutional risk:
If the University does not invest in its reputation and brand internationally, then its international reputation will not be commensurate with the quality of its research and education. This may result in negative impacts on recruitment of international students, researchers, partnerships and financial sustainability.

Mitigation:
To ensure the University can compete in the increasingly competitive international environment, we are developing a new International Strategy and investing in a significant Global Voice and Reputation project.

Workforce transformation

Institutional risk:
The risk that the University does not effectively transform its workforce and manage talent to align with and deliver new strategic priorities.

Mitigation:
To deliver our objectives we are developing a new Workforce Strategic Plan, investing in leadership development and transforming our academic career system.

Financial performance

Institutional risk:
Insufficient cash generation will prevent investment in the physical, IT and infrastructure resources needed to deliver the strategy, and will ultimately impact the University’s long-term financial sustainability.

Mitigation:
To ensure we generate sufficient operating cashflow we have established an operating surplus target and actions on income generation, operating costs and investment returns to deliver a sustainable financial performance.

Physical infrastructure capacity and quality

Institutional risk:
The risk that the University does not have sufficient physical infrastructure capacity and quality to deliver its strategic objectives.

Mitigation:
To ensure the University’s physical infrastructure remains fit-for-purpose, we are investing in a 15-year capital plan, developing a new Estates Strategy and building University-owned accommodation.

Education excellence

Institutional risk:
In an increasingly competitive market, the failure to maintain educational excellence in both experience and outcomes may result in the University losing its competitive advantage which will impact its ability to deliver the strategic priority of World-leading Quality Education.

Mitigation:
To build on our existing strengths in graduate outcomes and student experience, we are refreshing and updating our course portfolio, further developing our student experience and employability offer and developing our use of digital tools to support our education offer.

Environmental sustainability

Institutional risk:
If the University does not deliver on its environmental sustainability commitments, then it will miss opportunities to play a leadership role in delivering solutions, attract research funding, staff and students and suffer financial and reputational impact.

Mitigation:
We have in place a Climate Action Framework and continue to develop our policy framework and strategic planning for carbon reduction.

Research and innovation quality and impact

Institutional risk:
If the University does not increase the quality & impact of its research, while improving research culture and recovery rates to ensure it is sustainable, then we will be unable to deliver one of our new and emerging strategic priorities of World-leading Quality Research with Focus. Key contextual changes that will influence this risk are the spending review funding of the Department for Science, Innovation and Technology and its impact on UK Research and Innovation, together with the negative impact of geopolitical volatility arising from the US.

Mitigation:
The research environment is increasingly competitive. To achieve our objectives we are focusing on ensuring:

• faculty and research entities deliver against the Research Strategy
• strengthening the international reach of the University’s research and increasing income from international funding streams
• the digital needs for research are being met now and, in the future
• Research Infrastructure and Facilities are delivering a high-quality service for internal and external users