ERM in Higher Education & Identifying Risks

Abstract

As many US countries have adopted its methodology, the ERM Architecture, has become the global standard for ERM. The institutions of higher education (HEIs) develop sophisticated strategies for risk management (Aiko 2015). In its case study, the researcher Aiko KAGEYAMA had claimed that it takes years and needs cross-functional groups and control for implementation of the ERM structure or program. Numerous HEIs in the USA have adopted the ERM, with different methodologies and processes that should serve as a potential focus for research in various countries and cultures. The analysis examines the integration and adaptation in every organization of ERMs with specific tasks and contexts in HEIs. The threats would impact the university's ability to operate as a corporation either positively or negatively in an institutional sense and to achieve its strategic goals. The critical threats in academic institutions are identified and determined by this report (SV Toma, IV Alexa, DA Sarpe, 2014). The significant risk of loss is revenue structure and expenditure based on various students, budgetary allocation, tuition fees, administrative fees, tax-and ex-budget income relationships, flows of students and incomes, and spending of scientists.

Keywords: Higher Education, Higher Education Institutions, HEIs, risk, COSO, ERM, Enterprise Risk Management, risk management