HKUST Annual Report 2021-2022

OPERATIONAL RISKS Assessment of the University’s operational risks has been performed from various angles. With the commitment in providing a safe and sustainable campus for the University community on the one hand, and enhancement and reengineering of relevant processes and guidelines on the other. Taking into consideration the aging campus and in anticipation of its strategic needs, the University has been making extra efforts in renewing campus facilities and evaluating its land demand. Proactive measures have been taken to identify and secure land resources for the continuing development of the University. Embracing the great importance of talents to the development of the University, continued efforts have also been made by various Schools and Offices in recruiting and nurturing talents with more diverse areas of strength. While regular face-to-face classes are gradually resumed following the stabilization of the COVID-19 situation, the University has paid extra attention to create a well-protected environment to ensure the health and safety of its members. At the same time, and with the experience gained from the practice of online teaching, issues on cybersecurity have been widely exchanged within the University community in order that awareness on personal data protection would be enhanced. Following its 30th years of operation, the University has also taken heed of the need to revamp its record keeping system and review related work procedures in support of its various endeavors, as well as governance of the University. With that, Council has taken the lead to review certain administrative processes in anticipation of a much streamlined and systematic mechanism without scarifying the quality of work and established standards. Recognizing the importance of sustainability for the University’s future development, the University has also proactively reviewed its sustainability strategies to facilitate gradual implementation of the next generation business processes, systems and technologies, so that related information management procedures could be kept up-to-date and remained on the frontier of the curve. The University’s strategic risk assessment exercise will continue to serve the purpose of ensuring that strategic risks are identified and well managed. The overall risk profile and the Strategic Risk Register will be reviewed from time to time, while appropriate risk mitigation measures would be formulated to ensure effectiveness in the risk monitoring process. After all, in charting the way to overcome both external and internal challenges, the University will continue to uphold its core values, as well as to formulate and optimize relevant policies and guidelines to lead its community forward. Appendices