Risk Management in the Public Sector: A Proposed Reference Model and Tool Survey

Exploring the oversight of risk management in UK higher education institutions: The case of audit committees

Exploring the oversight of risk management in UK higher education institutions: the case of audit committees

Objective: This study provides a bibliometric analysis of risk management research in educational institutions over the last two decades, examining global research trends, key contributors, and prominent thematic areas. Methods: Using the Scopus database, the study analyzed publications from 2003 to 2023 related to risk management in educational institutions. The analysis identified the top contributing countries, institutions, and authors, as well as the most frequently occurring research terms. Results: The United States was the leading contributor, accounting for 42% of the total research output, followed by Russia and the United Kingdom. The University of Florida and Kazan Federal University were among the top institutions contributing to this field. Manuel Alonso Castro emerged as the most influential author. Key research themes included disaster risk reduction, public health, climate change, and digital learning, reflecting the evolving challenges faced by educational institutions. Conclusion: The analysis highlights the global importance of risk management in educational institutions, with a growing emphasis on addressing emerging risks such as climate change and public health crises. Future research should expand to include regional studies and grey literature to provide a more comprehensive understanding of this critical area.

This study evaluates the impact of technological innovations on operational risk management in financial institutions, focusing on how emerging technologies influence risk identification, mitigation, and management processes. Employing a qualitative approach through literature review and library research, this study synthesizes recent findings on the integration of technologies such as artificial intelligence (AI), blockchain, big data analytics, and cloud computing within financial risk frameworks. Findings indicate that these technologies offer substantial improvements in risk management by enhancing accuracy in risk detection, increasing response speed, and reducing human error. AI and machine learning models, for instance, are shown to enable real-time monitoring and predictive analytics, allowing institutions to identify potential risks before they materialize. Blockchain technology improves transparency and security in transaction processing, thereby mitigating fraud-related risks. Big data analytics provides insights into customer behavior, which can help detect anomalous activities and improve decision-making. However, the study also highlights challenges, including the need for robust cybersecurity measures, potential regulatory gaps, and skill shortages in handling complex technological systems. This study provides insights for financial institutions aiming to balance technological integration with effective risk management, underscoring the need for comprehensive frameworks that align technological advancements with regulatory compliance and organizational capability. Future research should focus on empirical studies assessing the long-term implications of these technologies on risk management efficacy in diverse financial settings.

Background. The implementation of risk management in educational institutions has become increasingly crucial due to the growing complexities and uncertainties in the education sector. However, many institutions face challenges in effectively adopting risk management practices, leading to potential vulnerabilities that affect their operational and educational outcomes. Purpose. This study aims to evaluate the current state of risk management implementation in educational institutions, focusing on the strategies, processes, and challenges involved. Method. The research adopts a mixed-methods approach, combining qualitative interviews with key stakeholders (administrators, staff, and educators) and quantitative surveys to assess the extent of risk management practices across several educational institutions. Results. The findings reveal that while risk management practices are recognized as essential, their implementation is often inconsistent and lacks a systematic approach. Key challenges identified include insufficient training, lack of resources, and resistance to change. The study concludes that to enhance the effectiveness of risk management in educational institutions, it is crucial to establish clear policies, provide continuous professional development, and foster a culture of proactive risk identification and mitigation. Conclusion. The research provides valuable insights for educational administrators and policymakers to improve risk management frameworks and ensure the sustainability and resilience of educational institutions.

Risk management in Islamic financial institutions presents a unique challenge due to the dual necessity of aligning with conventional management practices and the legal-ethical framework of Sharia. The central problem of this research is the lack of integration between evolving risk management practices and the foundational principles of Sharia Economic Law, which often leads to either operational inefficiency or potential non-compliance with Islamic legal norms. This disconnect becomes more critical due to increasing financial complexity, technological innovation, and regulatory demands. Therefore, this study addresses the following research question: How is risk management transforming within Islamic financial institutions, and to what extent does this transformation comply with the principles of Sharia Economic Law? The study also explores whether such transformation strengthens the Islamic finance sector's legal certainty, stakeholder trust, and institutional resilience. This research adopts a qualitative-descriptive method with a normative legal approach. Data were collected through document analysis of legal provisions, fatwas, and risk management frameworks used in selected Islamic financial institutions. In-depth interviews with Sharia board members and risk officers from Islamic banks were also conducted to capture practical insights and legal reasoning. The findings show that the transformation of risk management in Islamic financial institutions is occurring on three fronts: technological adoption (e.g., AI and big data for risk analysis), regulatory compliance alignment (integration of OJK and DSN-MUI standards), and internal policy development grounded in maqashid al-shariah. However, the study finds inconsistencies between implementation and Sharia legal standards, particularly in credit and liquidity risks, where conventional models are still dominant. The research concludes that a robust Sharia Economic Law framework and ethical managerial reform is essential to ensuring that risk management practices in Islamic financial institutions mitigate risk and uphold Islamic legal and moral obligations

Strategic risk management in financial institutions is a critical component for ensuring robust regulatory compliance and maintaining financial stability. This review explores the multifaceted nature of strategic risk management and its importance in the dynamic regulatory landscape of the financial sector. It delves into the fundamental components of risk management, including risk identification, assessment, mitigation, and monitoring, highlighting how these processes help institutions navigate the complexities of regulatory requirements. The discussion encompasses various types of risks faced by financial institutions, such as credit, market, operational, liquidity, and compliance risks, illustrating the need for comprehensive risk management frameworks. The review also reviews key regulatory frameworks, including Basel III, the Dodd-Frank Act, and guidelines from the European Banking Authority, emphasizing their impact on capital requirements, liquidity standards, and governance expectations. A robust risk management framework integrates compliance efforts with business strategy, ensuring that institutions are not only adhering to regulatory mandates but also aligning their risk appetite and tolerance with their strategic objectives. The role of technology, particularly in data analytics, real-time risk monitoring, and cybersecurity, is examined as a crucial enabler for effective risk management and compliance. Best practices for enhancing regulatory compliance are outlined, including continuous monitoring, regular audits, and scenario analysis. Challenges such as evolving regulations, financial product complexity, and globalization are addressed, with recommendations for adaptive strategies and industry collaboration. Through case studies, the review provides insights into successful risk management implementations and lessons learned from compliance failures. The review underscores the importance of strategic risk management in fortifying regulatory compliance and suggests future trends, such as advanced AI and machine learning, which could further revolutionize the approach to risk management in financial institutions. Keywords: Strategic Risk, Financial Institution, Regulatory, Compliance

Objective: Showing the shortcomings of operational risk management in universities that inhibit the achievement of strategic objectives and organizational goals is the central objective of this research. Method: To this end, a diagnosis of the current state of the associated variables was carried out in accounting and administration faculties in Mexico, Ecuador and Cuba. Results and Discussion: Among the main findings, it is highlighted that the most affected dimension is the Strategic orientation design of the organization for risk management, although in general, none of the dimensions evaluated presents a favorable behavior, which indicates the need to apply risk management tools with a strategic and integrated approach and a greater follow-up of prevention plans to achieve a better correspondence between planning and control. Originality/Value: This study contributes to the literature by providing a systematization of knowledge available in scientific literature on risk management in higher education institutions to subsequently verify the behavior of these variables in higher education institutions that operate in contexts as diverse and different as they belong to countries like Mexico, Ecuador and Cuba that respond to different socio-economic environments.

This article focuses on the analysis of published research on risk management in higher education institutions. The authors believe that for effective implementation of risk management in Kazakhstani universities and the development of a concept for its scientific and methodological support, a systematic and large-scale research effort is necessary. This includes identifying the categorical framework of risk management in higher education. In this context, the authors conducted a bibliometric analysis usingthe Scopus database, as well as the methodological approach and capabilities of the VOSviewer software tool. The study of sources on the issue of risk management in universities revealed insufficient development of this topic from methodological positionsand in the applied context. Additionally, the bibliometric analysis not only identified and visualized current research directions in this field but also highlighted trends for future research in the subject areas of "risk management," "university management," and "risk management in higher education institutions."

Financial institution within the USA is faced with great challenge of risk management, hence the pursuit of every financial institution to come up with better innovative ways of managing risks. However, the emerging innovation in risk management in financial institution has an underlying negative implication which is yet to be studied. The aim of this research was to explore emerging innovation in risk management in financial institutions. The research utilized qualitative research design, through an intensive literature review that involved deep research and reviewing of academic scholarly academic articles. This type of approach ensures that the research includes wide variety of sources that support this research and making it viable for future reference. Results showed that the emerging innovation in risk management in financial institutions is digital financing. Owing to the associated implication of excessive technology use, the research suggests that financial institutions should be very cautious, particularly with the associated risk of cybercrime.

The prevalence of risk management (RM) in higher education institutions is increasingly linked to declining public expenditures and the need to foster entrepreneurial development. It is now essential, for senior management and regulatory bodies of public universities to be actively involved in the RM process, through training and monitoring activities. Additionally, the dedication to the implementation of a strategic RM framework has a substantial effect on the organization's operational efficacy and accountability. Primarily, the performance measures of current RM approaches have frequently lacked the comprehensive and essential development perspective required to evaluate the efficacy of procedures. Therefore, there is an urgent need for tangible evidence to resolve these disparities underscoring the scarcity of empirical studies in this field. This study highlights the substantial need for concrete evidence to resolve these discrepancies and highights the scarcity of empirical research in this field. The findings indicate that the process, training, and monitoring activities must entail active participation from public university senior management and regulatory organizations. This implies that commitment in putting a strategic RM framework into practice is crucial since it significantly affects the operational effectiveness and accountability of the company. This study shows that there is a dearth of research on RM in the education sector. Future studies should adopt a more comprehensive approach to RM practices, integrating a thorough analysis of their implications from an institutional perspective, especially with respect to indirect effects.

The paper makes a survey of current trends in business risk management focusing on IS/IT risk management in financial institutions. Special attention is paid to frameworks and regulations available for both financial and non-financial risk management and their relation to IS/IT risk management. The relationship and common and different features between IS/IT risk management and operational risk management are discussed on the basis of a short introduction to the specifics of risk management in financial institutions. The advantages and challenges of those different frameworks are summarized together with the possibility to incorporate some IT/IS risk management tools and methods into operational risk management in practice. Basel II is the main framework covering the area of operational risk management, therefore the paper focuses on the assessment of the impact and integration of the Basel II framework with IS/IT risk management ones.

The science of risk assessment management is one of the modern science which people around the world is giving a great attention, in order to contribute to the reduction of the destructive effects that followed the industrial revolution and contributed to the spread of risks in all parts of the globe. Hence, the ability to assess the risks, its occurrence, and all aspects affecting the surrounding industrial environment; can contribute to reducing the rates of risk and pollution, and achieve occupational safety and health, as modern science and national and international standards and indicators are calling for industrial protection and safety because of their prominent role in the protection of the whole environment. The problem of the research study is that there are no clear indicators for the assessment and management of risks in the industrial institutions, and there’s a clear lack of procedures that commensurate with the standards imposed by both the Palestinian legislations and environmental standards to reduce environmental risks, which contributes to the integrated system of risk management in industrial institutions This study aimed to highlight the specific criteria and indicators of risk management in industrial institutions, and clarify mechanisms of linking problem solving and risk management in industrial institutions through scientific research, and relying on clear indicators in risk assessment and management. The study had followed analytical descriptive approach of local standards for risk assessment and management, thus risks can be under control, and functional relationship of safety and protection factors and expected risk factors can be analyzed. Researcher had depend on collecting data and analyzing it to answer research question The most important findings of this study are weak reliance on clear indicators in the assessment and management of risks in industrial institutions, and lack of employers 'interest by in relying on risk assessment and analysis methods. The study had recommended the necessity of activating scientific research in the field of risk management in different national sectors due to lack of related studies.

The theme of governance has occupied the spaces of debate and practice in public administration. The evaluation of good examples of institutional management, in the current scenario, is always linked to the implementation of governance principles and their guidelines. In this sense, this chapter aims to indicate an initial step to increase risk management in Brazilian educational institutions. To this end, the authors present the historical path of the concept of governance until its adoption by public management in Brazil, seeking to understand the current political-economic-social; then, in order to show that good practices lead to good results, the authors list some Brazilian educational institutions that present a high Government Management Index, pointing out some of their actions that contributed to the excellence status. Finally, in the last chapter, the authors describe the initial stages of implementation of risk management, using the Swot Matrix as a useful tool for the systematic knowledge of the institution, which enables decision making more consistent with the reality of the context.

Risk management is an important thing to know, not only in the profit-oriented for private sector, but also in government and non-profit-based social institutions. Previous research has shown evidence of problems where social institutions have not yet implemented risk management while several regulatory references have been made available to improve risk management implementation. The purpose of this study is to determine the implementation of risk management and critical success factors in social management institutions. This study uses a qualitative research method with a case study approach to institutions that manage earthquake social assistance in Central Sulawesi Province in 2018. Data collection was carried out by researchers using field study methods and literature. Secondary data was obtained from internal documents, laws and regulations related to the implementation of risk management on the object of research, while primary data was collected through interviews with informants and then reduced to draw conclusions. The results of the analysis show that the object of the research has implemented risk management. Based on observations through interviews conducted with 5 (five) implementers in each institution, it shows that of the 7 (seven) critical success factors, Education and Training are critical factors in the implementation of risk management in Social Assistance Management Institutions. Strengthening the understanding of risk management for implementers can assist institutions in managing risk management better. This research is expected to provide understanding to social assistance management institutions so that risk management can be applied to prevent possible risks that may occur.