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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.

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