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ERIC Number: ED505826
Record Type: Non-Journal
Publication Date: 2009
Pages: 32
Abstractor: ERIC
Reference Count: 0
ISBN: N/A
ISSN: N/A
The State of Enterprise Risk Management at Colleges and Universities Today
Association of Governing Boards of Universities and Colleges
This survey was jointly conducted by the Association of Governing Boards of Universities and Colleges (AGB) and United Educators (UE) and reports data on attitudes, practices and policies regarding enterprise risk management among American colleges and universities. The survey was completed by more than 600 respondents in June 2008. The population was generally representative of American higher education with greater participation of four-year private institutions and lesser participation of two-year public institutions. The profile of the most common respondent was a president or chief financial officer (CFO) of a private, baccalaureate institution with 1,000 to 4,999 full time enrolled (FTE) students and annual expenditures between $25 and $99 million. Summarized key findings include: (1) Forty-one percent of respondents "mostly agreed" that risk management is a priority at their institution; (2) Twenty-three percent of respondents (and 29 percent of trustees) "mostly agreed" that their governing board monitors institutional risk through regular, formal reports from the administrator who is assigned responsibility; (3) A majority of respondents reported that their institutions do not identify major risks to institutional mission success through comprehensive, strategic risk assessments; (4) Fewer than half of respondents reported frequent or routine monitoring of "political or reputational" risks which pose serious threats for colleges and universities; (5) Half of respondents reported that board members and senior administrators at their institutions evaluated major risks identified by strategic risk assessment only on an as-needed basis; (6) Survey responses of presidents were consistently more optimistic than those of CFOs, who are most frequently delegated risk-management responsibilities; and (7) While survey results suggest there is considerable room for improvement in risk-management practices, only 11.4 percent of respondents rated their own institution's risk-management performance as lower than average. Recommendations are offered in three areas: (1) Attitude Toward Institutional Risk; (2) Strategies to Manage Risk and Protect the Institution; and (3) Policies and Procedures. Sample Risk Assessments by Campus Experts are appended. A list of resources on enterprise risk for colleges and universities is included. (Contains 2 footnotes. Survey results are included in unnumbered tables.) [This report was published in partnership with United Educators.]
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: Numerical/Quantitative Data; Reports - Research; Tests/Questionnaires
Education Level: Higher Education; Postsecondary Education; Two Year Colleges
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: Association of Governing Boards of Universities and Colleges