Risk management in higher education: An open distance learning perspective

Abstract

1This article contributes to the continuing scholarly discourse on risk and risk management within the  context of higher education institutions by reporting on a qualitative assessment of the appropriateness of  the risk management framework of a selected open distance learning institution. The assessment is based on a single instrumental case study of an open distance learning institution. The assessment was undertaken by conducting a qualitative content analysis of the institution’s enterprise risk management framework document. For the purpose of this analysis, two reading strategies were followed, namely the reproductive (literal) and hermeneutic reading strategies. This article’s unique contribution to the scholarly discourse is to apply a conceptual framework derived from the work by Tufano (2011) providing trustworthy evidence that the critique by Leitch’s (2010) on the ISO 31000:2009 standard does not necessarily have an empirical sound foundation. The research has indicated that an enterprise risk  management framework meeting the ISO 31000:2009 standard, is not only appropriate for a risk  imbedded open distance higher education institution such as the selected institution, but has the potential to contribute signifi cantly to the enhancement of the institution’s mission, strategic goals and objectives within an astringent national regulatory and funding context and an ever-changing international higher education landscape.

Key words: enterprise risk management, risk management framework, higher education, open distance learning, ISO 31000