Risk Management in Brazilian Federal Universities: Evaluating the Achievement of Strategic Objectives

Purpose: To analyze how risk management can be structured to support performance in achieving strategic objectives in Brazilian federal universities. Method: Data from 35 federal universities were analyzed using Fuzzy-set Qualitative Comparative Analysis (fsQCA). Results: The identified configurations revealed key factors associated with high performance in achieving strategic objectives, particularly in larger federal universities. These include the establishment of a formal structure—through the adoption of an implementation plan and/or risk management methodology—, risk management maturity, alignment of internal control systems, and the use of managerial control systems to support risk management. The findings suggest that, in some of the institutions investigated, risk management is integrated into organizational activities, interacts with existing control systems, and operates as a governance mechanism oriented toward the achievement of strategic goals. Contributions: The study offers relevant insights by employing a configurational approach to explore the relationship between risk management and performance, providing practical recommendations while highlighting the complexity and non-linearity of implementation processes and their reliance on dynamic interactions with institutional control systems.