Reputational Risks Grow for Schools

(from United Educators) A widening list of reputational risks face many educational institutions, starting with their business models — enrollment, tuition management, staffing, financial management and more — according to a United Educators survey of college and university CFOs, presidents and board chairs. "In an era in which social media can shatter or strengthen a reputation in a matter of minutes, institutions must manage reputational risk as part of their overall enterprise risk management (ERM) strategy," the report begins. Among findings:

• Only 26 percent of respondents believe their institution's response to reputational risk is consistently proactive.
• Only 14 percent have a board risk committee.
• 54 percent believe they do not have the ability to withstand a major reputational risk event.
• 83 percent believe reputational risk is more important than three years ago.
• 87 percent believe the institution's board has organizational oversight of reputational risk.

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