Developing Risk Management as New Concept to Manage Risks in Higher Educational Institutions

Generally, higher educational institutions and students have been significantly increased year after year, which is instrumental in meeting the needs of global labor and making the national economy of the country better, stronger, and more stable. Meanwhile, these institutions also carry out teaching, research, community service, and commercial activities. Such varied activities create more diverse and complex risks as well as a wealth of good chances for the institutions. A considered solution is implementing the risk management as a new concept to understand and manage the risks associated with those activities and grab new opportunities. This is very challenging and critical to preserving and protecting the resources and reputation of institutions. This article discusses the importance of the role of risk management and its implementation in higher education institutions that have high expectations as a world-class educational institution. Also, the implementation will be more optimal if supported by a good communication between all leaders of an organization and their staffs.