Monitor and review
Monitoring and review involve regular checking or surveillance. It can be periodic or ad hoc. This involves analysing and learning lessons from events (including near misses), changes, trends, success and failures. It also includes detecting changes in the internal and external context, including changes to risk criteria and the risk itself which can require revision of risk treatments and priorities as well as identifying emerging risks.
The Office of Audit and Risk Assessment maintains a cyclical risk assessment program embedded into the Administration Audit to facilitate Western Sydney University units/ Schools to conduct their risk assessment in order to develop/ update their risk register and risk profile. At the same time, this risk assessment exercise helps evaluate if the existing risk treatment/controls are effective and efficient in both design and operation.
Progress in implementing risk treatment plans provides a performance measure. The results can be incorporated into the University/units/ Schools' overall performance management, measurement and external and internal reporting activities.