Please check this article "Enterprise Risk Management for Higher Education Institutions". It's unique and I've prepared it exclusively for your blog, hope you'll consider.
Thanks,
Katheryn
Thanks, Katheryn. Here it is:
Enterprise risk management is essentially a process that is
used by businesses and organizations to minimize risks and maximize
opportunities. Most organizations use a common outline to create an effective
risk management plan. This plan is created to achieve three key goals; identify
the organization’s objectives, identify the events or circumstances that put
the organization’s objectives at risk or that help the organization reach its
objectives and determine the likelihood and impact of these events or
circumstances.
This type of planning puts businesses and enterprises ahead
of their own game. Once a strategy has been created, a risk management team is
usually charged with monitoring business activity and reviewing analytical
reports to make sure it is working. Risk management strategies also provide
organizations with contingency plans for specific potential risks. In addition
to helping an organization meet its objectives, enterprise risk management also
helps protect and increase a business or enterprise’s value for owners,
employees, customers and clients.
Because a poor risk management plan can literally mean the
demise of an organization, it is highly important that higher education institutions
focus on creating a solid strategy that will protect and increase their value
to students and faculty. Universities are very large enterprises that are
comprised of various sub-schools and programs, so even though the common risk
management outline should still be used, university officials must tailor their
plans to cover the specific risks and opportunities of each sub-school and
program.
The term “sub-school” refers to the separate colleges that
make up a university; for example, a college of arts and sciences or a college
of medicine. Many universities are also home to several research and public
outreach programs that are not specifically related to student education, as
well as athletic programs, student health departments, libraries, museums, student
organizations, media production and administrative departments. This is an
overly simplified list of what makes up higher education institutions, and it
still shows just how extensive the system is and how great the potential is for
both risks and opportunities.
There are many fronts to cover, in terms of higher education
risk management. Two of the most important topics, though, are the health and
safety of students, faculty and staff. To manage these risks, universities
should implement policies, programs and contingency plans that are designed to
promote and protect health and safety. Other topics that should be assessed for
risks and opportunities on a regular basis include college and program funding,
campus operations, campus infrastructure, student and faculty retention,
graduation rates, professional licensing exam scores, employment rates of
alumni and the local, national and global economic forecast, among more.
Board members and top administrators and faculty members
should work together to conduct research and analyze data and information to
come up with an enterprise risk management plan that covers the needs for each
individual sub-school and program, as well as the needs of the university as a
whole. Because circumstances often change on a yearly basis, a review of all
risk management methods and programs should be conducted on a yearly basis, as
well.
With a strong plan that controls the probability of risks
and maximizes the realization of opportunities, universities and colleges will
maintain their integrity and keep the public’s trust in them as educational and
career-building institutions.
Katheryn Rivas
is a freelance writer and blogger who has contributed articles to numerous
education resource websites. Covering topics that range from education,
technology, career advice and college preparation, Katheryn works hard to
research the facts about recent education news and trends to help her readers
make the best decisions for their schooling and careers. Please direct your
questions and comments to her at KatherynRivas87@gmail.com.
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Keen and relavant article. Nice post. Know about updates on big data
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