Article
Key takeaways from the 2022 Navigating Risks in Higher Education Workshop
Lessons from higher education risk management programs
May 25, 2023 · Authored by Cassandra Walsh, Corey Parker, Morgan Druce
In November 2022, Baker Tilly's higher education risk advisory team co-convened its annual Navigating Risks in Higher Education Workshop with the North Carolina State University (NC State) Enterprise Risk Management (ERM) Initiative. More than 25 higher education institutions attended the in-person event in Raleigh, North Carolina.
Workshop discussion themes:
- Enterprise risk management includes the methods and processes that institutions use to manage risks and identify opportunities connected to achieving their strategic objectives. By proactively identifying, managing and monitoring risks, institutions can make more informed decisions across the enterprise and better prepare for disruption
- It is important to engage with the Board and/or Audit Committee (AC) to understand their experience with ERM and perspectives to gain alignment on expectations and successfully promote a value-added enterprise-wide risk management program
- Risks are often interconnected; therefore, institutions should take an integrated approach to risk management and mitigation strategies
- Institutions need to consider both the short- and long-term risks, including potential emerging risks, to remain resilient
Download the full takeaways and discover:
- Insights from corporate ERM practices for higher education
- How institutions can proactively prepare for disruption
- Tips for engaging your institution's Board in ERM
- Integrated risk programs
- Top risks facing higher education institutions
- Strategies to improve your institution's risk management program
Baker Tilly’s ERM support
In an age of increasing risk complexity, organizations face risk in every part of their operations, including the risk of not identifying opportunities. Developing a strategic enterprise risk management program to proactively identify, categorize and prioritize the myriad risks and opportunities across the enterprise – without the support of specialists – takes a substantial investment of time and resources. Baker Tilly’s ERM professionals offer value at the intersection of strategy, risk and compliance.
Leveraging Baker Tilly’s deep knowledge and experience in implementing ERM solutions across industries, clients count on us to identify, prioritize and mitigate risk and seize opportunities. Clients value our objective, customized and tailored methodologies grounded in leading practices to help them connect seemingly disparate risks and opportunities in strategy, finance, operations, technology and compliance. As a result, our ERM clients are better positioned to reduce the chance of loss, create value for stakeholders, maintain financial stability and drive innovation.
