ERIC Number: ED428600
Record Type: RIE
Publication Date: 1998
Essentials of Risk Management. Strategic Decisions. Board Basics.
Sonenstein, Burton; Kumin, Laura A.
Association of Governing Boards of Universities and Colleges
This booklet, intended for trustees of institutions of higher education, offers some instruction on the principles of risk management. Introductory information provides a definition of risk management, which is seen as a planning and strategic function, not solely as a financial or safety assessment. Individual sections then address the following topics: (1) an institution's critical areas of risk exposure (noting four levels of governing board involvement); (2) the realities of risk (noting traditional operational risk, legal and regulatory risk, financial risk, and political and reputational risks); (3) basic methods of risk management (avoidance, control, transfer, acceptance); (4) organizational structures for risk management; (5) risk management tools; (6) the board's role; and (7) the cost of risk management. Each section also provides questions to consider in applying principles to a specific institution. A suggested format for a management report to trustees concerning institutional risk management is also provided. (DB)
Descriptors: Accountability, Board Administrator Relationship, College Administration, Decision Making, Governing Boards, Higher Education, Long Range Planning, Risk Management, Strategic Planning, Trustees
Association of Governing Boards of Universities and Colleges. 1133 20th Street NW Suite 300, Washington, DC 20036. Tel: 800-356-6317; Tel: 202-296-8400; Fax: 202-223-7053; Web site: http://www.agb.org
Publication Type: Guides - Non-Classroom
Education Level: N/A
Audience: Administrators; Policymakers; Practitioners
Authoring Institution: Association of Governing Boards of Universities and Colleges, Washington, DC.
Note: For related documents, see HE 031 908-916.