Improved institutional risk reduction at universities through better states of preparation

Date

2016-11-29

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Abstract

Despite well-publicized tragedies and catastrophes regularly occurring at universities, less than half have implemented an integrated approach to the management of institutional risk. Without thoroughly understanding their risk management systems and their states of preparation, universities will continue to be vulnerable to serious events. Specific aims of this research were to compile a set of university risk management system descriptions, develop a comparative instrument to measure university risk management system preparedness versus their peer institutions, and assemble a set of good operating practices to provide options for universities to improve their risk management systems and states of preparation. Ten dimensions of risk management, derived from the literature review, were created with three questions in each dimension. Interviews with top-tier public research universities were conducted, with data analyzed and compiled in terms of general observations, significant findings, and good operating practices. Risk Preparedness Index (RPI) scoring criteria were created and each university was scored. The results corroborated the findings of the literature review and demonstrated that integrated institutional risk management has not been judged to be a priority even at these top-tier public research universities. Chief concerns identified in the research were the chilling effects on robust risk discussions due to state open meeting laws, the lack of systems thinking, and the lack of process formality which created vulnerability and unsustainable risk management systems at these top tier public research universities. Through the use of this research and associated results, academic institutions will be able to reduce harmful events to their students and employees, save significant costs of operations, and generate economic gains by preserving their reputations for excellence.

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Keywords

Risk, Risk management, Institutional risk, Universities, Enterprise risk management, Risk reduction, Risk reduction, Risk preparedness index

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