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RISKS

Risk is an important aspect of strategic planning; failure to identify and
recognise risks may be detrimental to any organisation. While most risks
cannot be eliminated, they could always be mitigated through appropriate
controlling mechanisms put in place. Hence, the University has taken
measures to identify, prioritise and register the inherent risks in the course
of implementing this Strategic Plan. Using the risk matrix (which considers
severity of risk and the likelihood of that risk to occur), the risk level is
categorised into extreme, moderate and low. Seven risks have been
identified as extreme, namely, attitude change risk, enrolment supply risk,
reputation risk, research risk, publication risk, risk of fraud and financial
risk. Moderate level risks, on the other hand, include commercialisation
risk, compliance risk, global risk, policy change risk, and safety and health
risk. For the purpose of this Strategic Plan, low level risks are considered
insignificant and within operational control, and hence, are not explicitly
reported. This classification enables leadership to incorporate a priority list
for addressing the known risks within the organisation which subsequently
can support the implementation of strategic planning as a whole.

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