Risk analysis and, subsequently, risk management are ways of carrying out a systematic form of advanced emergency planning. In international education at the university and organizational level we can identify four types of risk:
Strategic risk: this would have long-term adverse impacts that could come about as a result of either poor decision making or poor implementation of a crisis management strategy. At this stage there would be damage to the reputation of the university or organization and might also lead to legal action.
Compliance risk: this would be a failure to comply with legislation, internal procedures or even a lack of documentation to prove compliance. Here SEVIS and financial reporting procedural compliance would be of particular concern to international educators.
Financial risk: this could run from currency fluctuations to waste or even fraud. A result would be a forced reduction in program activities or the risk of additional audits.
Operating risk: this would be a failure to deliver an international activity as announced or could be negligence that led to hazards for participants or property damage. In this case, liability insurance premiums would surely be raised.
International educators, as part of their strategic planning processes, often turn to International Education Consulting to perform a risk analysis of their programs. We use a qualitative risk analysis process which identifies potential threats and triggers of those risks that have a potential to impact on a person, a group of persons, a site or a situation. For each designated risk, policies and procedures for dealing with it need to be clearly established. In this way we can help you to identify potential risks and then we can work with you to more effectively manage those risks.