Declining enrollment brings risk business to higher ed
Significant demographic changes to college enrollment projected over the next decade mean colleges and universities need to find new ways to drive down costs as they reconfigure their approach to attracting students and generating new revenue. Drawing students from the traditional, now-dwindling applicant pool who are not keen on loading up on loan debt is one of higher education’s growing challenges.
Enterprise risk management (ERM) is a process designed to identify potential events that may harm a business and minimize their potential effects by planning for them. ERM techniques should be an integral part of an institution’s plan to ensure budgets remain in line, giving colleges and universities the financial security needed to navigate this new strategy.