Enterprise-wide risk management in higher education: beyond the paradigm of managing risk by categories

Purpose The global higher education (HE) sector is facing difficult challenges worldwide. Thus, we investigate risk management (RM) practices within HE with three purposes in mind: (1) embedding knowledge management (KM) concepts into the drivers of enterprise-wide risk management (EWRM); (2) providing a road map for embedding RM elements utilising a risk-focused preparation, planning, doing, checking and action (P,PDCA) approach to the management of risks in HE; and (3) rendering KM more readily applicable to EWRM thus enhancing the management of risk. Design/methodology/approach In this qualitative research, we examined the intersection of theories of EWRM in HE and KM concepts while considering our existing knowledge and previously formed ideas about the complex phenomena of successfully implementing risk management. Additionally, we took into account our researchers’ and practitioners' epistemological dispositions with regard to the value of KM. We applied a methodical analytic approach to gain a greater understanding of EWRM in HE. Following a focused literature review of EWRM in HE and KM, we integrated RM implementation models with KM concepts to answer three research questions: (1) How can higher education institutions (HEIs) effectively manage EWRM by pinpointing specific risks within selected categories? (2) To what extent could adopting RM enablers enhance RM practices in HEIs? and (3) Are HEIs mitigating unforeseen outcomes by implementing risk management strategies? Findings We have analysed six drivers of EWRM from a KM perspective, demonstrating that KM concepts can support the successful implementation of risk enterprise-wide. A multifaceted yet practical model has emerged by linking the interconnecting concepts of RM and KM, which provides a holistic approach to implementing EWRM in HE. The emergent model was critically reviewed and discussed by eight senior sector practitioners, and their viewpoints and suggestions have been taken into consideration. Originality/value Our research has pinpointed, analysed and verified deficiencies in the present understanding of the factors that impact the effective execution of RM. Consequently, this investigation contributes to the comprehension of the potential of KM in fostering a nurturing environment that enables successful EWRM in HE. In view of these discoveries, we suggest adopting an all-encompassing approach to RM that incorporates top-down, bottom-up and combined approaches, which can enrich risk awareness and ultimately minimise unanticipated outcomes.