Due diligence checks and risk management in philanthropy: A university perspective

Philanthropy plays a crucial role in advancing higher education’s mission. Yet, as universities seek to engage with external partners, due diligence and risk management is crucial to safeguarding institutional reputation, integrity and compliance. While risk is inherent in the work of advancement and the cultivation of relationships with individuals and organisations external to your university, it does not have to go unmanaged. This paper explores how to establish the criteria for an effective due diligence framework, the process for assessing a risk profile and understanding its impact, and provides guidelines for deployment in an effective and efficient manner. Whether a university is at the beginning of its due diligence journey or already employing a sophisticated approach, this paper will provide guidance and recommendations for crafting an institution-specific approach to staying abreast of the changing risk landscape for external partners as well as the evolving priorities and perceptions of vulnerabilities by internal teams. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.