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Operational Risk Considerations

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 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 dependant on a narrow source of funding and if so how is the sustainability of 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 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?

Email (opens in a new window)sirc@ucd.ie for further advice on how to manage and minimise operational risks in your School or Unit.

Contact UCD SIRC Office

University SIRC Office, Roebuck Castle, University College Dublin, Belfield, Dublin 4, Ireland.
T: +353 1 716 8771 | E: sirc@ucd.ie