On January 17 and 19, 2023, Dr. Ibrahim Elsayed, Director of the Quality Assurance and Institutional Effectiveness (QA&IE) Unit, Dr. Syeda Asma Fatima, Associate Director and Manager Institutional Research and Dr. Sara Osman, Program Review and Accreditation Manager, participated in an online workshop on implementing Enterprise Risk Management (ERM) for Higher Education Institutions which was organized by the Center for Learning Innovations and Customized Knowledge Solutions (CLICKS).
Enterprise Risk Management (ERM) is a comprehensive program adopted by institutions to identify and manage potential threats and opportunities that may affect their operation. By adopting an ERM approach, institutions can increase productivity, reduce costs, sustain competitive advantage, and address the rapidly changing risks affecting higher education.
The workshop covered a wide range of topics related to ERM, including the concepts and framework that underpin it, the importance of risk management in the context of strategy, and how to embed risk in strategy formulation and performance management. In addition, risk appetite and risk tolerance and how to develop effective risk registers were discussed also.
The second session of the workshop focused on developing a risk management program and adopting the three lines of responsibility approach. Participants were also introduced to the process of establishing a risk management governance structure, building institutional capability, and monitoring and reporting on risk.
By the end of the workshop, participants were able to discuss the importance of ERM in an uncertain environment, understand the principles of risk management, and integrate risk into strategic decisions.