ABSTRACT
This chapter provides a practitioner's view of risk management in higher education. It begins with an overview of risk management and why it is important before outlining the documents and processes which characterize good risk management practice. In autumn 2014, the Higher Education Risk Management Network was established in the UK to provide a forum for risk management practitioners in higher education institutions (HEIs). The risk strategy or policy articulates an HEI's approach to managing risk. Internal audit is often used to provide assurance of the quality and robustness of risk management processes. There are several different approaches to defining a risk appetite. Some organisations create a qualitative statement which acts as a broad-brush guide about the level of risk-taking that is allowable or desired. An essential part of the risk management process is to consider an organisation's exposure to the risk.
