Internal audit resources for higher education
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Article | Higher Education Digest
Four key risk areas facing higher education
This article was originally published by Higher Education Digest.
The higher education industry is at a turning point with myriad colleges and universities struggling to remain sustainable and relevant in today’s tumultuous and evolving environment. It’s critical for leaders and boards to take a holistic and strategic view of all risk areas across the institution and collaborate on ways to address significant headwinds and manage and mitigate risk.
Within this context, our higher education risk advisors, Adrienne Larmett and Dave Capitano, outline four key higher education risk areas that all institutions need to be profoundly attuned to: business model, reputation, operations and compliance.
Read the full article, which dives deeper into these higher education risks.
Four key higher education risks
College and university administrators, board members, faculty, and even students, should be aware of these significant challenges facing the industry.
Business model risks
- Demographic/enrollment cliff
- Affordability
- Academic offerings
- Competition
Reputational risks
- Brand and reputation
- Campus safety
- Diversity, equity and inclusion (DEI)
- Pandemic impact
Operational risks
- Human resources
- Business continuity
- Cybersecurity
- Technology
- Operational efficiencies
Compliance risks
- Regulatory requirements
While this article focuses on highlighting higher education risks to be mindful of, our website has a plethora of resources to help your institution act now. Check out the insights below, or connect with us to learn more about how Baker Tilly’s specialized higher education team can help manage risk and enhance institutional sustainability.
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