Operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people, and systems, or from external events, but is better viewed as the risk arising from the execution of an institution’s functional units. A few examples of operational risk are - Employee errors; Systems failures; internal fraud or other criminal activity. Our department ensures a consistent and effective operational risk framework to manage such risks in order to enable the University to achieve its wider strategic plans and objectives.
Responsibilities:
The department will be responsible for the following:
- Managing operational risks within the scope of the university strategic plan. Develop standards of Disaster Management at university.
- Dissemination of best practices of applying the university’s laws in order to reduce operational risks.
- Develop basics and standards to improve the university reputation and to minimize external risks.
- Participate in managing the activities and programs of operational risks.
- Contribute to identify risks in relevance to future operational projects at the university and how to address them and avoid them.
- Support the university units to seize available opportunities with limited operational risks.
- Evaluating and following-up the University’s units in the implementation of operational risks management requirements.
- Raising annual reports about the commitment of the university units in implementing the procedures of operational risks.