ABSTRACT
Risk Management Practices (RMP) in the nonprofit realm, including higher education, appear to be significantly less developed than in much of the private organizations and corporate world (Tufano, 2011). In Higher Education Institutions (HEI), RMP that are linked to the HEI’s performance based on research findings has been less emphasized. Contradicting to its role of exploring and inspiring new knowledge, ideas, and innovation, higher education is far behind business and industry in developing and implementing a systematic risk management (Tufano, 2011). Review of literature related to RMP indicated that ERM methodology and a process theory or approach to risk management can be applied in the higher education setting. However, their application needs to be tailored to fit the unique culture, mission, and risk profile of each institution of higher learning including the RU (Tufano, 2011). ERM can be beneficial for universities in addressing key
on the HEI’s performance. Since no study has been carried out to address this issue in higher education, this research gap must be filled. Therefore, this paper addresses the use of ERM methodolgy and a process approach of risk management in the development of RMP in higher education setting. It provides new ideas and future direction of researches in the use of both approaches in higher education, specifically the RU in Malaysia.
