Less than a quarter of colleges regularly assess how they could prevent or respond to threats such as criminal acts, environmental catastrophes, and financial misconduct. And half of colleges plan for such risks only after receiving an audit, experiencing a campus crime, or seeing the fallout from such a problem on another campus.
Those are the key findings of a survey released today by United Educators, a higher-education insurance company, and the Association of Governing Boards of Universities and Colleges. The survey incorporated the responses of more than 600 college administrators, including presidents, chief financial officers, trustees, and provosts.
In response to the results, the report recommends that institutions identify the major risks they face, the likelihood of those incidents, and the policies and procedures in place to deal with them.
“This data is certainly a wake-up call for higher-education leaders that they need to make enterprise risk management a priority now so they can avoid such pitfalls,” said Janice Abraham, chief executive of United Educators, in a news release. —Eric Kelderman