We have seen some impressive higher ed innovation brought on by the pandemic that otherwise may have never happened. Brown University is a case study in innovation, transformation, and risk planning in the way they involved the board and stakeholders in navigating the crisis.
Our institutions of higher learning must begin embracing a new model for higher education governance and shared governance. As change continually buffets colleges and universities, higher education boards are increasingly finding themselves in the hot seat. Trustees are facing challenges such as the pandemic, the enrollment cliff, declining state funding, and increasing online learning that ultimately will make or break the institution they govern and are responsible for.
Societal needs from higher education are in an accelerated transformation phase, and in order to stay relevant and in demand, colleges and universities must adjust to those changing needs. Before the pandemic hit, higher education experienced disruptions from numerous forces – demographic shifts of traditional students, course-taking patterns, and institutional financial instability – all of which were magnified by COVID-19.
Strategic management and planning are critical parts of a Higher Ed leader’s tool kit to deal with disruptions — and 5 reasons to throw yours out.
Colleges and universities are scrambling to prevent higher education cyber attacks as online education becomes a target for criminals. Disruptions to higher education institutions due to cyber crimes and hacking are becoming more common as colleges and universities increasingly see their risk management programs being challenged by hackers.
The need for enterprise risk management (ERM) in higher ed was underscored by the chaotic nature of 2020. However, as noted in two previous blogs, many higher education institutions are unsure of why and how to develop this type of plan and then administrators’ roles in operationalizing this effort. This post addresses the other major component that needs to be addressed in creating an ERM plan—the important part that the institution’s board plays in the ERM.
Enterprise risk management is a critical part of higher education’s toolkit in preparing for and mitigating disruptions. As mentioned in part 1 of the Enterprise Risk Management in Higher Ed series, these disruptions can be hazards/accidents, societal, governmental, and technology. There are two parts of enterprise risk management—risk planning, which is done by the institution’s administration, and risk oversight, which is done by the institution’s board of trustees. This blog will focus specifically on risk planning and a later blog will address risk oversight.