Higher ed at a crossroads: Reimagining risk oversight functions in a time of transformation

What if the very functions designed to safeguard higher education could also be the ones to unlock its future?

Higher education is experiencing profound change. Risk oversight functions, internal audit, compliance and enterprise risk management (ERM or risk) must become change agents. Institutions face mounting pressure to cut costs, demonstrate value, modernize outdated operations, navigate complex regulatory expectations and rebuild trust with a public that is increasingly skeptical of their purpose and performance. Traditional oversight models were designed for stability, not transformation. But higher education's current challenges require adaptability, integration and foresight; these are qualities that internal audit, compliance and risk functions are uniquely positioned to deliver, if they are empowered to evolve.

In this moment, the functions often seen as risk and compliance guardians have a unique and urgent opportunity. It is no longer enough to report on problems after the fact. These functions must become proactive, strategic contributors, enabling change, protecting institutional resilience and guiding transformation with confidence. By engaging earlier and more strategically, these functions can help identify where systems, policies or processes need to evolve, spotlighting opportunities for improvement and aligning them with institutional culture, governance traditions and operational realities. This ensures change is not just complaint, but also practical and sustainable.

This article kicks of a six-part series, Rethinking internal audit, compliance and risk in higher education: A road map for strategic alignment, efficiency and a holistic viewpoint. The series explores how risk oversight functions can shift from transactional to transformational, helping institutions align operations with strategy, build resilience and lead with integrity. The ultimate objective: to enable meaningful change while strengthening confidence in the institution's ability to govern itself well.

Through this series we will cover:

• Exploring the evolving role of internal audit, compliance and risk in times of transformation