Risk Management Overview

What is risk?

Risk can be defined as "the threat or possibility that an action or event will adversely or beneficially affect an organisation's ability to achieve its objectives" (HEFCE 01/24). Risks may thus be either opportunities or threats.

The University's view of acceptable risk is based on a balanced view of all the risks in its operating environment. It aims to ensure an appropriate balance between risk aversion and opportunity and gains.

The objective of the University’s Risk Management processes is to add value to normal management processes by providing a mechanism for: 

- identifying systemic risks;

- escalating emerging or common themes and;

- identifying whether the University’s strategic risks are both understood and managed at an appropriate level.

Responsibility for overseeing the management of NUI Galway’s risks lies with Údarás na hOllscoile.  The Risk Management Group at NUI Galway is a Sub-Committee of the Finance Resource Committee and assists Údarás na hOllscoile in fulfilling its oversight responsibilities in relation to risk management.

The following pages provide an overview of the University's Risk Management Strategy and Risk Registers.