On the functionality of risk management frameworks at the universities

Abstract

Internal and external environmental factors and modern-day economic, social and educational trends have led to the necessity for universities to adopt new approaches and policies towards the implementation of their statutory goals and functions. The mentioned factors have entailed the need of integrating risk management into the strategic, operational, and academic processes of universities, thus managing the probable impact of possible external and internal risks on performance effectiveness, on preserving their competitiveness and gaining competitive advantage. With the overall aim of effectively integrating risk management into the corresponding functional processes, a set of policies, procedures, and structures should be developed and assimilate into the risk management framework in order to ensure a systematic approach towards risk management.