Risk Management for Public Universities: Why and How? (A Conceptual Analysis)

Abstract

The COVID-19 pandemic has made all institutions, including universities, experience many changes in their governance and operations. This condition makes implementing risk management very important for every higher education institution. The purpose of this article is to conceptually analyze the importance of risk management for higher education. Higher education is facing unprecedented challenges, which are happening on all sides. Higher education can categorize risks based on academic and non-academic. In addition, it can also categorize risks based on strategic goals and key performance indicators of higher education. The risk analysis results will describe the level of risk (high, medium, or low) for each group. These results can be used for decision-making related to risk mitigation. In addition, institutions can also make it an opportunity. Universities are advised to involve all internal stakeholders in the risk identification and analysis process in stages. The main key that must be considered in maintaining the trust of the most important stakeholders is communication.

Keywords: Risk, stakeholders, governance, academic, non-academic.

DOI: 10.7176/RJFA/15-5-05

Publication date: May 30th 2024