Firstly, there is a lack of understanding amongst university staff about the importance of ERM within the organization. ERM has traditionally been viewed as too complex or not relevant to the functions of most people working at universities. As such, it can be difficult to raise awareness among staff members about its importance. Additionally, there may be resistance from staff due to concerns regarding changes in their work processes or additional workloads that may be required if they are expected to implement an effective risk management program. Furthermore, gaining commitment from senior leadership team members is also essential; however this can be difficult when many don’t have an appreciation for what effective risk management entails or appreciate how it can benefit their institution.
Another challenge facing HE institutions seeking to adopt an ERM framework is developing comprehensive policies that cover different types of risks and address any potential conflicts between departments or stakeholders within the organization. To do so requires extensive research into best practice frameworks for managing risk along with input from experts across various areas within higher education including finance, IT security and legal services etc.. Moreover establishing roles and responsibilities for individuals involved both directly or indirectly with implementing/managing these policies needs careful consideration as well as ongoing training/coaching around these roles & responsibilities moving forward once established .
Finally deploying robust reporting mechanisms capable capturing large volumes information on risks posed by external forces such economic conditions , regulatory environment etc become more important than ever yet remain one greatest struggles faced by higher education organisations when attempting build resilient cultures capable dealing unexpected events arising out changing external environment . Despite efforts openly communicate value added benefits associated successful implementations , reports generated based automated dashboards which track progress against predetermined objectives still struggle gain traction amongst user base potentially leaving organisation exposed should certain thresholds exceed beyond defined expectations resulting crucial indicators being missed – ultimately leading oversight failure hence why building transparency through appropriate channels remains key success factor here .
Overall whilst there certainly no shortage challenges faced those looking apply Enterprise Risk Management strategies Higher Education settings , having right leadership support coupled comprehensive plans address specific organisational requirements goes long way ensuring desired outcomes achieved – potentially making University far less vulnerable outside factors seeking disrupt operations moving forward – something clearly beneficial all parties concerned
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