Over the past several years, higher education institutions have experienced new challenges due to an ever-changing risk environment on our campuses. From the long-term impact on student mental enrollment and retention to protecting the increasing number of minors on campus, higher education risk managers are needed more than ever to be change agents to support institutional change and resilience.
Further, the evolving nature of our institution's governance structure requires risk managers to promote and adopt a more centralized and enterprise approach to risk management. Risk managers must encourage campus leaders to view risks holistically rather than view each risk as a unique challenge relegated to one department or function.
From Silos to Centralization
My institution has been undergoing this transformation over the past few years, and it has become apparent that the risk management department occupies a unique place when it comes to identifying and addressing some of the roadblocks of our organizational transformation. Our role provides a broad view of how our institution functions, and it allows us to see the interconnectivity of the various processes. This understanding can benefit our institution by offering innovative ways to manage risk and enhance organizational efficiency. For example, we have insights into what functions should be centralized and when decentralized autonomy makes sense. We can empower our stakeholders to make more informed decisions and, as a result, elevate risk management to be viewed as an ally vs. a barrier to organizational change.
RISK MANAGEMENT 2.0
"…the risk management department occupies a unique place when it comes to identifying and addressing some of the roadblocks of our organizational transformation.” -Juan Azacarate III, Senior Managing Director at Dallas College
The risk manager's role on campus has evolved to include more than just managing the insurance program. We have data and tools to help transform campus culture and to encourage and engage others to identify and assess risk at every level. I believe what separates risk management from other stakeholders is the ability to be a change agent willing to take the lead as a catalyst for change.
We may face opposition when trying to change the mindset; but if we can communicate and demonstrate that change can be good, we can play a significant role in crafting innovative mitigation strategies to enhance and promote our institution's mission.
“I believe what separates risk management from other stakeholders is the ability to be a change agent willing to take the lead as a catalyst for change.” -Juan Azacarate III
How?
Risk managers can be that force that initiates the change by establishing a rapport and building trusting relationships with our stakeholders to help solve organizational challenges. This can be done by listening to what matters to our stakeholders. We must understand their needs and how we can help. It truly amazes me how often stakeholders are looking for someone to take the lead in these discussions. Risk managers can be that leader, but we must do so with an open mind. Regular interaction with stakeholders allows us to obtain input on how to best address risk issues vs. making it about risk management providing all the answers. It is critical that we do not dictate a solution but instead lead a collaborative effort. These strategic conversations unearth barriers to change and formulate more sustainable solutions for our institutions.
Bottom Line
Risk managers are crucial in driving organizational change through communication, collaboration, and a holistic understanding of institutional processes. How far we go with risk management as a leader in organizational change will not be without some growing pains; however, the risks can be minimized by working together with our stakeholders, listening to their needs, and devising a plan of action that works for all parties involved with the change.
"It truly amazes me how often stakeholders are looking for someone to take the lead in these discussions. Risk managers can be that leader, but we must do so with an open mind."
-Juan Azacarate III