Operational Risk

The UCD SIRC Office can advise Schools and Units on how to manage and minimise operational risk.

Operational risks can be defined as those uncertainties that arise during the normal course of operations that have the potential to impact a School or Units ability to function properly and achieve its strategic objectives. 

Operational Risk Considerations

When managing operational risks there are a number of areas that should be considered, for example:

• People Risks: e.g. is there a compartmentalisation of knowledge within the Unit or School around particular systems, tasks, etc?
• Inputs: e.g. does the School or Unit depend on the information provided by a third party for some of its core functions?
• Outputs: e.g. have the critical outputs of the Unit / School been identified?
• Reputational Risk: e.g. is the School / Unit engaged in any activity that could generate negative publicity for the university?
• Financial Risks: e.g. is the School / Unit dependent on a narrow source of funding and if so how is the sustainability of the same ensured?
• Safety Risks: e.g. has the School / Unit a Safety Statement in place?
• Insurance Risks: e.g. is all School / Unit equipment adequately insured?
• IT Risks: e.g. is sensitive data removed from the School / Unit on unencrypted laptops or memory keys?
• Outsourcing Risks: e.g. are external service providers adequately vetted?
• Fraud Risks: e.g. is fraud a possibility?
• Critical Dependencies: e.g. the loss or interruption of what services would stop the unit from functioning for a long period of time?
• Business Continuity Risks: e.g. has the School / Unit a plan in place to deal with high sickness levels during a pandemic?
• Legal Risk: e.g. are all contracts signed by the School / Unit vetted first by the Legal Office?