The University ensures high-level performance, quality assurance and cost-effectiveness in all aspects of the University’s operations through clear definition of accountability and authority, and with proper check and balance mechanisms.
As part of its internal control, the University has in place a robust system for managing risks in a systematic and timely manner.
Quality Assurance
The University has developed a Quality Assurance framework and related processes to reinforce the quality culture of the University throughout academic departments and non-academic units. The quality assurance framework is set out in the Handbook on the PolyU's Quality Assurance Framework, Mechanisms and Processes for Academic Departments and the Quality Assurance Framework and Mechanisms for Non-academic Units which cover responsibilities assigned to Senior Management, University Committees and Departments/Units.
The University conducts a comprehensive annual review of the performance of units through the Key Performance Indicators (KPIs) mechanism to enhance the quality of management and academic programmes, ensure effective planning and control, and effective use of resources.
Internal and External Audit
With delegated authority from the Council, the Audit Committee oversees internal and external audit activities to ensure effective and appropriate implementation of control mechanisms to address risks.
The Internal Audit Unit of the University, which reports directly to the Audit Committee, conducts regular audits on the adequacy, compliance and effectiveness of controls. It also provides risk-based and objective assurance and advice to the Audit Committee and University Management.
The University appoints an external auditor to conduct an annual audit of financial statements. The Audit Committee undertakes to ensure the effectiveness of the financial reporting process and the adequacy and fairness of disclosure in the University’s annual accounts.
Risk Management
The University has adopted an Enterprise Risk Management Framework (the Framework) to manage financial, operational and reputational risks that may adversely affect the University. Under the Framework, the University maintains a Key Risks Register which lists the key risks faced by the University, along with their respective risk owners and mitigation measures. Various units also conduct annual operational risks assessments.
The University Management reviews the key risks and mitigation measures on a regular basis to ensure the risk exposure of the University is within its risk appetite and submits an annual report to the Audit Committee.
Related Documents