Monash University Risk and Compliance Unit Regulatory and Operational Risk Managment System
Tender ID: 232686
Tender Details
Tender Description
The role of the Monash University Risk & Compliance Unit (RCU) is to assist management of the University to achieve goals and objectives consistent with the University's strategic plan through the implementation of risk management practices. The RCU is a team of three that works collaboratively with the University's management team and other staff to manage risk and promote compliance with regulations impacting the University.
The Enterprise Risk Management (ERM) framework, which was recommended by the RCU and has been endorsed by Monash University senior management, encompasses the following four components:
· Operational Risks - risks associated with generic business practices in Monash University
· Legal/Regulatory Compliance Risks - risks associated with the university's obligation to comply with applicable laws, regulations and industry codes
· Key University Risks - risks associated with the university's strategic objectives
· Project Risks - risks that arise from projects/ventures undertaken by the university
The two components of the ERM that have been recognised as areas needing improvement within the RCU are:
1. Regulatory Compliance Risks; and
2. Operational Risks
With regard to the regulatory compliance component, the following inefficiencies have been identified:
· Manual data management causing data integrity issues and gaps;
· Difficulty in extracting meaning from the data;
· A need to reduce red tape;
· Significant amount of time managing processes; and
· Inefficient communication channels and processes
Location
Similar Tenders
Open opportunities matching this tender's categories and regions.