Effective Management Of Project Risk Management - 1435 Words

Good Risk Management – Good governance This article describes the effective management of project risks in an educational institution. In this article I’ll be talking about the information that are useful to the board members as well as the team with their risk management efforts. â€Å"In the future we will look at risks affecting the whole of an organization and its place in the community. We will address both upside and downside consequences, and our view will be enterprise-wide, integrated and holistic. The result will be a more intelligent balance between potential benefits and harms. We will increase the confidence of stakeholders in our organizations and make them more resilient in a day and age of increased uncertainty. This is the†¦show more content†¦Always the board members should think of an effective risk management plan. This plan prepares the institution to storms that are unexpected and set the course on track. If you are elected as the new board member for an institution, you, no doubt will immediately feel the burden for better institutional oversight. The first thing, you will ever hear when things go wrong is, the board should have known! Even if the wrong doing falls far apart from the scope, fingers will be pointed by media, parents and even the students. This indicates that, every board member must and should have thorough understanding of risks and up-to-date knowledge of the mitigation plan. College and universities have their own resilience and historic place in the society. Times have changed now. The rapid change of technology, innovation, the insatiable appetite for the information place a tremendous pressure on board members to get each and every small thing right. This brings no choice for the board members to set the tone of risk management in their institution. It is very unlikely that a single catastrophic event might lead to the closure of the university, the margin of error would be lower in terms of financial matters and students having more alternatives to pursue their studies. Neglecting or being reactive can weaken and undermine the university, diminish the reputation and an embarrassment in front of the community. The institution will be more effective if