Enterprise Risk Management
Risk management is an integral part of Khalifa University鈥檚 decision-making process and routine management functions. It is embedded within the strategic and operational planning process at all levels.聽
Khalifa University appraises and manages risks and opportunities in a systematic and timely manner, in accordance with the Risk Management Framework to ensure that there is clear accountability and responsibility and that risks are managed at the most appropriate level within Risk Appetite.
The Risk Management Policy, along with the Risk Management Framework (RMF), establishes a structured approach to manage risks impacting the University鈥檚 strategy, brand and business operations in line with the International Standard on Risk Management (ISO 31000). This approach includes a consistent process for the identification, assessment, treatment and monitoring of risk.
The Risk Management Policy is integrated with corporate governance, strategic planning and other internal processes.
Khalifa University implements risk management practices to enable better decision-making, remain sustainable and grow responsibly. It is the responsibility of all staff to embed risk management in their day-to-today work, so that decision-making becomes a business enabler to support operations and achieve strategic initiatives. The implementation of risk management practices is intended to enable an effective risk culture by developing expertise and capability across the University.
KEY PRINCIPLES
The purpose of ERM is the creation and protection of value. Risk management at Khalifa University is based on the following eight principles, in line with ISO 31000 that focuses on effective risk management practices.聽
At Khalifa University, we are dedicated to fostering a safe, secure, and supportive environment for all staff, academics, contractors and students. Our comprehensive risk management strategy and processes are designed to proactively identify, assess, and mitigate risks to ensure the continued success and well-being of our students, faculty, staff, and visitors.
Through our comprehensive Enterprise Risk Management practices, Khalifa University ensures that it remains resilient, responsive, and committed to providing a safe and enriching educational experience to all.
Our risk management process aligned with ISO 31000 begins with continuously identifying potential risks across all areas of university operations. These include academic programs, student services, environment, health & safety, financial management, compliance with regulations, cyber security and digital transformation. We use a collaborative approach to identify emerging risks and anticipate potential challenges that could affect the university鈥檚 mission and stakeholders.
Once risks are identified, we conduct thorough assessments to evaluate their potential impact on the university. We prioritize risks based on their likelihood and severity, considering both short-term and long-term consequences. This enables us to allocate resources effectively and develop strategies to address the most critical risks first.
Our commitment to minimizing risks involves implementing a range of proactive measures. This includes the development of policies & frameworks, procedures, governance structure and programs aimed at reducing the likelihood of risks materializing. We take active steps to prevent, manage, and address potential risk events in areas such as environment, health and safety, data security, financial integrity, and compliance with academic standards. We also provide ongoing training and education to the university to enhance awareness, capability and preparedness for negative surprises.
Risk management is a dynamic process at Khalifa University. We continuously monitor the effectiveness of our strategies and adjust them as necessary in response to changes in the university鈥檚 environment. Through regular risk assessments and continuous improvement, we ensure that our approach remains aligned with emerging trends, risk management standards, new challenges, and evolving best practices.
We uphold the highest standards of compliance with local and federal regulations. Our risk management efforts ensure that the University operates within legal and ethical guidelines, maintaining transparency and accountability. We also strive to create an inclusive and respectful environment for all students, faculty, and staff, addressing any risks related to discrimination, harassment, or inequality.
Effective communication is key to our risk management approach. We prioritize transparency and engage regularly with university stakeholders, including students, faculty, and staff, to share relevant information about risk management activities and outcomes. We encourage open dialogue and feedback to continuously improve our strategies and keep the community informed about important developments.
Reach the ERM team at ku.risk@ku.ac.ae
