Managing risk to HE institutions in an uncertain world
It’s time for universities to get used to the fact that financial distress or even bankruptcy are real risks for many. The reasons are many, ranging from institutions getting pushed to the wall by competitors to reputation crises, such as a loss of accreditation and ranking downgrades which put a drain on financial resources.The ultimate consequence is a squeeze on budgets that often leads to cost-cutting programmes and further revenue declines as the market re-evaluates the quality of the service offer. In this environment, managing an institution’s risk factor is vital and oversight bodies are prescribing the use of so-called risk registers as ‘weapons of choice’. But how do institutions use risk registers correctly and are minimum standards necessary?
