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1. Introduction
The world’s economic and security environment is rapidly evolving. The global COVID-19 outbreak make businesses difficult to perform well by finding a balance between the triple bottom line: people, planet and profit (Mattera et al., 2021). Higher education (HE) costs are rising faster than inflation, student loan debt and competitive rivalry competitors are putting additional stress (Deloitte, 2019). HE may face academic risks, political risks, management risks, leadership risks, students-related risks, financial risks and more (Raanan, 2008).
Risks in HE institutions (HEIs) are associated with a decline in public expenditures and an increase in entrepreneurship development (Yokoyama, 2018). Administrators in HEIs face uncertainties and challenges trying to identify high-quality teaching and learning experiences in social distancing and to plan for a quick shift to online learning platforms (Deloitte, 2020). Risk management (RM) operations become very crucial for leaders to speed up and move forward. Effective risk identification with well-structured mitigation strategy is essential for successful RM (Jesry et al., 2022).
In recent years, the topic of RM has received a lot of attention in academic research, especially in the business and management realms. The implementation of RM aids project managers and real estate developers in construction projects (Schieg, 2006). RM strategies mitigate or avoid supply chain risks (Manuj and Mentzer, 2008). Besides goal prioritising and data processing, RM aids decision-making in difficult situations (Blanco-Mesa et al., 2019), aids policymakers and managers in the public sector (Bracci et al., 2021a). Renault et al.’s (2016) literature review uncovered the factors that drive and hinder RM implementation in construction firms. de Araújo Lima et al. (2020) describe the evolution and current situation of RM in small- and medium-sized enterprises. Bromiley et al. (2015) found some of the deficiencies and obstacles in RM and pointed out that RM is a management, financial and accounting tool.
The growing number of studies on RM in various industries leave a gap of empirical evidence. More research is required in HE industry. Harvard President Larry Bacow stressed the responsibility of HEIs to contribute toward creating the world a better place (Mineo, 2022). HEIs ensure the significance of knowledge transfer, discover gaps in skills, incorporate talent demand and business skills, transform employability to the economy to help...