MUSCAT: The Sultan Qaboos University (SQU) recognises the importance of managing risks in an ever-evolving and highly competitive environment of a Higher Educational institution (HEI). SQU has established a fully functional risk management office responsible for the end-to-end management of risks posed to the Sultan Qaboos University. In this, the function has embarked upon development and implementation of risk frameworks for effective and efficient management of risks guided by the COSO: Enterprise Risk Management Framework. Operational risk stands as one of the key inherent risks posed to SQU. Moreover, the size and spread of SQU as a prominent HEI in the region makes it imperative to manage the various operational risks faced by it.
The Risk Management office presented the first risk framework for Operational Risk Management to a wide audience under the auspices of Professor Ali Al Shuali, Deputy Vice Chancellor for Administrative and Financial Affairs, Sultan Qaboos University. The framework, guided by COSO: Enterprise Risk Management framework is divided into two main pillars ie risk self-assessment and operational risk incident / accident reporting.
The framework was presented by Qurat al Ain Khan, Expert – Risk Management, SQU, who shed light on the importance of setting up a robust operational loss management system across the University operations by capturing empirical, all current and future incidents in the University. The collection of such loss data will enable the management to assess and avoid future operational losses by taking appropriate mitigating measures thereby affecting the operational expenses of the University positively. She further stated that the implementation of the risk assessment framework would build a risk culture where each staff of the University will be aware of and eventually self-manage risks at their end. She concluded by adding that she is hopeful that more and more HEIs in the country and the neighbouring region will adopt such risk practices in the HEIs and reap both tangible as well as intangible benefits.
The Risk Management Office also presented the Food Safety Guidelines timely in wake of the holy month of Ramadan. An initial draft of the guidelines was presented and several do’s and don’t’s concerning food habits and intake were also released in wake of the holy month. The Food Safety Guidelines have been introduced in SQU for the first time and the guidelines are in line with food safety standards used in Oman as well as compliant with ISO standards. Abeer al Kharousi has been with the SQU for over a decade and is a Dietician and Supervisor, Food Safety Unit at SQU.
Dr Salim al Harthi, Director of Risk Management, SQU, commented that the risk management in HEIs is of growing importance especially with the competitive and quickly evolving environments in the HEIs worldwide. He added, he would like to do roadshows to fellow Universities in Oman and the neighbouring region shedding light on the importance of risk practices in HEIs as well as sharing the expertise and practices developed and used in Sultan Qaboos University, the Sultanate’s leading and largest state owned HEI. Currently, RMO team had completed roadshows at some local HEIs while more roadshows would be planned in the near future.
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