Strategy and Risk Committee (SARC)

In December 2017 Senate resolved to establish four committees and two subcommittees to assist it with the exercise of its functions effective from 1 January 2018. The Strategy and Risk Committee was one of these committees; it combined the existing Safety and Risk Management Committee (SRMC) and the commercial functions of the Investment and Commercialisation Committee (ICC). 

In 2018 the role of the committee is to monitor and advise Senate on the University’s Strategy and strategic direction, risk, and major projects including those related to information technologies and digital transformation. Specifically, the committee monitors and provides advice on:

-the University’s Major Projects, including those related to administration, services, resources, governance, education and research
-performance against the 2016-2020 Strategic Plan
-matters with specific regard to the University’s strategic IT projects
-strategies developed by the University in education and research, and on the University’s performance against those strategies
-matters with specific regard to environmental risk
-matters with specific regard to the University’s strategic commercial activities, in accordance with the University’s Guidelines Concerning Commercial Activities and the assessment, risk management, approval, review and monitoring authorities set out in the University of Sydney (Delegations of Authority – Administrative Functions) Rule 2010
-with regard to the University’s legal position and risk, the annual report on legislative compliance and legal proceedings from General Counsel
-non-financial risks generally within the University unless they are dealt with by another committee of the Senate
-deep dive reviews in the areas covered by the committee’s remit.

The Strategy and Risk Committee maintains oversight of the effectiveness of the risk management framework in general, ensuring the effective management of risk in areas within its remit. The committee allocates the management of specific risks to other relevant committees of Senate.

[From http://sydney.edu.au/secretariat/senate-committees/strategy-oversight-risk-committee /index.shtml (viewed 16/04/2018)]

In 2020 Senate undertook an external review of its committee structure and established a new committee structure, effective 1 October 2020. The Strategy and Risk Committee was succeeded by a Risk and Audit Committee. [Annual Report 2020]