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.
The department will be responsible of the following:
- Managing operational risks within the scope of university strategic plan.
Develop standards of Disaster Management at university.
- Dissemination of best practices of applying 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 with future operational projects at the university and how to address them and avoid them.
- Support the university units to seize the 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 commitment of the university units in implementing the procedures of operational risks.
SQU follows the below Operational Risk Management Framework:
The Risk assessment framework will span across Units, Colleges and Research Centres at SQU as well as new projects and initiatives that SQU may embark upon. This pillar of the framework will ensure end to end risk management of operational risks.
An incident management framework will ensure capture of all operational risk incidents taking place within SQU and those affecting SQU. This pillar will ensure operational risk incidents are assessed, reported, analysed, treated and mitigated. The reporting and recording of operational risk incidents under this pillar will ensure that there is sufficient record of operational risk incidents in SQU. The reporting of operational risk incidents is the responsibility of all staff and students of SQU.