Risks relating to the specific research project, such as obtaining ethical approval, are the responsibility of the PI and the department.
For reputation, financial and intellectual property risks relating to non-standard research sponsors, your School Contract Manager in the Research Operations Office negotiating the contract on behalf of the university will be able to advise on potential risks. See information about Research Contracts
About the Risk Assessment Guidance Document
In addition to these risks, and for research grants with standard terms, there are a number of areas where the PI and Department should reassure itself that department-specific risks have been identified and are acceptable or mitigated. The risk assessment guidance document has been developed to help PIs and Departments to consider the most common risks, and can be used as a requirement or optional to the Department’s standard approval processes.