DEVELOPMENT OF A RISK MANAGEMENT PROCESS IN INSTRUCTIONAL MANAGEMENT OF THE DEPARTMENTS IN PRIVATE UNIVERSITIES: AN APPLICATION OF INTERNATIONAL RISK MANAGEMENT STANDARD: ISO 31000

Abstract

The objectives of this research were (1) to develop a risk management process in instructional management for the departments in private universities with application of the international risk management standard: ISO 31000; and (2) to assess the efficiency of the developed risk management process. This study was a research and development study comprising four phases, namely, phase 1: a study of concepts and approaches concerning the operation of risk management process, phase 2: the development of risk management process, phase 3: the try-out and evaluation of the risk management process, and phase 4: the improvement of the risk management process. Research data were collected via documentary study, interviews, the use of questionnaires, and focus group discussion. Quantitative data were analyzed with the use of descriptive statistics; while qualitative data were analyzed with content analysis. Research findings were as follows:
1. The risk management process in instructional management of the departments in private universities was composed of two components: 1.1 the component of preparation for risk management, which comprised (1) the readiness preparation consisting of (1.1) formulation of risk management policy; (1.2) determination of risk management process; (1.3) appointment of the committee for risk management with specification of its duty, roles and responsibility; (1.4) development of the manual for implementation of risk management process; and (1.5) identification of instructors or practitioners; and (2) the imparting of knowledge and understanding concerning the operation of risk management process; and 1.2 the component of implementing the risk management process, which comprised (1) the determination of objectives and conditions of internal and external environment; (2) the identification of risks; (3) the analysis of risks; (4) the evaluation of risks; (5) the management of risks; (6) the instilling of understanding and the implementation of risk management plan; (7) the follow-up; and (8) the review.
2. Regarding the try-out results of the developed risk management process, it was found that the developed risk management process was efficient in accordance with the four standards of evaluation, namely, (1) the propriety standard: the developed risk management process was in accord with the guidelines for risk management operation determined by the Commission on Higher Education; (2) the feasibility standard: the implementation process was acceptable for practitioners with clear operational steps that could be implemented in real situations; (3) the utility standard: the departments could prepare their readiness to accommodate the changes that could occur in instructional management, increase knowledge and understanding of stakeholders concerning the risk management process, and enable them to operate the risk management process on a continuous basis; and (4) the accuracy standard: the data and information about the risk management process were accurate and reliable resulting in the conclusion report on the operation of risk management process being accurate and reliable for subsequent submission to administrators at the faculty and institution.