Policy, Risk and Compliance – About
The Vaal University of Technology (VUT) Policy, Risk and Compliance Unit (PRC) provides leadership in policy, risk and compliance management and university-wide services that strengthen accountability, facilitates risk management process, and manage non-compliance with legislations governing and applicable to the Higher Education Institutions and its entities.
The unit capacitates VUT stakeholders (faculties, staff, students, etc.) with knowledge about compliance obligations, risk management responsibilities as well as policy development and implementation matters. It relies on effective partnerships with all stakeholders for the successful implementation of policy, risk and compliance processes.
The PRC has adopted a consultative approach for the development and review of university policies and procedures. This approach establishes:
- a standard for policies and procedures through clear definitions of these terms;
- clearly delineated responsibilities for the development, maintenance, approval, implementation and review of policies and procedures;
- standardized policy and procedure formats, and
- a mandated review period for policies.
What is Risk? Risk is an uncertain future event that could adversely affect the achievement of objectives or the effect on the uncertainty of objectives. Risk management refers to coordinated activities to direct and control the University with regard to risk management.
The VUT uses a hybrid model combining COSO ERM – integrated framework and ISO standards for risk management (ISO 31000) to manage risk.
Risk is identified and managed at a strategic, operational, process and project management level, with an aim to assist the university to achieve its strategic and operational goals.
What is Compliance? Compliance is acting in accordance to established guidelines, rules, laws, specifications, standards, or terms. Compliance encourages ethical behavior and the fulfillment of laws and other obligations.