The rapidly shifting higher education landscape is a minefield of significant and growing risks that challenge the current and future prosperity of colleges and universities in the United States.
There are numerous sources of risks, including increasing costs, the intense competition for attracting students, the ongoing public discourse vis-à-vis higher education's value proposition, digital and technological transformation, rapidly changing workforce needs, and many more. Certainly, KSU is not immune from these marketplace risks.
In addition to risks emerging from a roiling higher education marketplace, KSU must confront the reality and fallout from unwarranted risks. These risks result from failed oversight, leadership accountability, controls, and compliance.
Unwarranted risks have eviscerated credibility and confidence in the university, degraded performance with respect to stakeholder expectations, eroded the balance sheet, and spurred litigation and other contingent liabilities.
Addressing the legacy and corrosive effect of unwarranted risks at KSU must be the top priority at the institution moving forward. Additionally, KSU must address the tidal wave of market-driven risks that challenge its institutional agility in decision-making and resilience within the context of its longer-term strategic aspirations and performance.
Meeting these objectives requires a plan of action with an integrated cross-enterprise perspective on risk exposure. A Plan that expands the broadening role of risk oversight by the Board and goes beyond prevention and mitigation. An Action Plan focused on an intended future for the university.
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