Overview
King Saud University pays close attention to risks, manages them with high efficiency, and monitors them constantly in pursuit of optimization of its strategies. King Saud University strives to make work of risk management institutional that supports the governance framework, processes of monitoring, analyzing and evaluating expected risks during the implementation of strategies in a proactive manner, which promotes the optimal use of resources. In addition, it helps to make decisions based on the degree of specific risks to carry out the business. Also, it enhances the regulatory environment with high transparency.
King Saud University realizes that lack of interest and insufficient investment in identifying and monitoring risks proactively results in a number of unexpected events, and this leads to losses that may be difficult to face, or high costs of processing; Accordingly, a risk management strategy and guide were developed with the participation of all the university's executive bodies, and comprehensive risk registers were built.
In 1435 AH, a risk management department was established and highlighted within the university’s organizational structure due to its importance. King Saud University is the first Saudi university to initiate the establishment of a risk management which is linked to the university’s senior management, and its strategic directions are determined by the Standing Committee for Risk and Crisis Management. It works initially to spread the culture of risk management in the university, adopting policies and procedures for risk control processes and defining controls within the best international practices and standards. In addition, it is based on activating the principle of determining responsibility, as well as reviewing the risks of all university units on a regular basis, in order to support the university’s mission and achieve its strategic goals, and support the governance framework that is compatible with the vision of the Kingdom (2030)
One of the most important tasks of risk management is preparing and implementing a strategic plan for risk management, preparing and implementing risk management guide and confrontation procedures, identifying and analyzing expected risks at King Saud University and reviewing and evaluating the early warning system and services related to emergencies to keep pace with what is applied in international universities
The risk management has received praise and thanks from His Highness the Prince of the Riyadh region as well as from other oversight bodies. Also, risk management continues to improve in order to reach the stage of maturity and achieve a balance between risks and opportunities, and ensure business continuity and reduce the internal crises of the university and the optimal use of university resources and exploit opportunities to increase University revenue.
