Universities are a hub for growth and development, often leading the way in social, science, and technological transformations alike. But growing alongside these advancements are the external risks that threaten not only the safety of your institution’s research and data, but also the safety of those who call your campus home.
That’s why forward-thinking universities today are reassessing how they manage risk and compliance to protect their data, assets, and most importantly, people. And most are finding that an integrated security system is the answer.
Understanding best practice risk management
Universities are like mini-cities and they face a number of unique risks. Top of the list is the physical safety of people and property, protection of personal information and intellectual property, compliance with a wide range of standards and regulations, securing funding from a variety of income streams, and the strategic, political and reputational risks which can be harder to quantify.
In other words, it’s a lot.
Best practice risk management models typically include a few common steps:
- Identify risks
- Analyse or understand the risk
- Evaluate or rank the risk
- Treat the risk
- Monitor, track, and review risks over time
Invariably, this process results in a comprehensive risk management strategy that includes a risk register, policies, and other treatment methods intended to mitigate threats, including a review cycle intended to ensure the strategy remains relevant and effective.
At worst, these strategies become a tick-box exercise that is approved and then shelved: the risk register gathers virtual dust until it’s looked at when the review cycle rolls around again.
At best, the risk management strategy is clearly linked to ensuring the achievement of well-defined business objectives. The organisation understands its appetite for risk, and risks that might hinder the achievement of business goals are managed appropriately by mitigation measures that are seamlessly embedded in everyday business practices. Organisations have assurance they will achieve their business objectives, and that their risk mitigation measures have the agility to evolve in an ever-changing threat landscape.
That all paints a pretty picture, and it’s a desirable goal for universities, or any business for that matter. Education institutions across the globe know this already, and many are well down the track of developing mature risk management processes.
The challenges lie in translating a comprehensive risk management plan into action and embedding risk mitigation measures into everyday practice across your campuses.
Discover how to manage risk and compliance in higher education with integrated solutions, download the full whitepaper:
