Abstract
Risk based thinking is the core aspect to avoid or reduce the undesired effects and promote continual improvement for any organization, especially in the field of higher education. Preventive action becomes an automatic process when a management system is risk-based. The contingency approach to management will make fruitful results once it is considered as more explicit and builds it into strategic plan of the management system with upfront planning with the help of business models. In the strategic plan of any organization, leadership and administration plays an important role. By identifying the context related risks, leaders can analyze the opportunities in terms of impact and feasibility and plan towards prioritizing the risks to act on. In this direction, the need for a business model which focuses on efficient process-based approach towards risk prioritization, thereby prevention and avoidance is proposed, which demonstrates management their leadership, and commitment to the quality management of higher education.
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