Formally, the Audit Code of Practice (within the Memorandum of Assurance and Accountability between HEFCE and Institutions) sets out governance responsibilities for risk management – namely that the Audit Committee must provide the governing body with an opinion on its adequacy and effectiveness. This briefing note is intended mainly for university governors and board members. It outlines the benefits from sound institutional risk management processes and outputs. We start with some of the key messages from recent Uniac training sessions led by the Chairman of the Institute of Risk Management and then cover some further areas for consideration.

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