Risk management for business and engineering school in education based research: UK evidence

Project Title: - The impacts of Risk management as a tool of internal control on higher education institutions performance: A case from UK business and Engineering schools Keywords: Risk Management, Internal Control, Performance, Higher Education, Business School, Engineering School Risk management is one of the main management responsibility fields that have to be carried out by the executive management of an organization and its employees, including high schools. Effective risk management covers the whole organization and is designed to identify potential events that may have influence in the future and to obtain qualitative information for decision-making and thus to improve quality of a strategic decision (Verdina, Kašėtienė, Liela, 2010). The National Association of College and University Business Officers (NACUBO) released a report on managing risk in higher education in 2003 that encouraged higher education leaders to implement and advance effective risk management programs. However, Universities need to conduct ongoing assessments of risk and control systems and use audits to evaluate the effectiveness of existing controls. The purpose of this project is to investigate the impact of risk management, as a tool of internal control, on higher education institutions performance in the UK specifically business and engineering schools. Risk management is a process that takes place during all phases of a project’s life. A typical risk management process includes the following phases: risk identification, risk assessment, risk response planning and risk monitoring (Wysocki, 2004). The risk management process aims to identify and assess risks in order to understand them clearly and manage them effectively (Hillson, 2003). The purpose of project risk management is to minimize the risk of failing to achieve project objectives. Systematic identification analysis, the assessment of risk, and dealing with the results contribute to project success. Poorly managed project risks may have negative implications for the achievement of project objectives (Cooper et al., 2005).