Further and higher education institutions operate in an environment which exposes them to a wide variety of risks, both from internal and external factors, which threaten the achievement of their objectives.

Risk management is the planned and systematic approach to identifying, evaluating and controlling risk. It is concerned with the measures an institution has in place to manage risk and the action that should be taken to control such risks effectively.

This new CIPFA publication examines management’s pivotal role in and responsibility for risk management in order to achieve an institution’s objectives.

This guide is supported by the British Universities Finance Directors Group, the Standing Conference of Principal Finance Officers Group, the College Finance Directors Group, the Higher Education Funding Council for England, the Further Education Funding Council and the Scottish Higher Education Funding Council, and is sponsored by Zurich Municipal.

The guide considers in detail the areas where further and higher education institutions are most at risk. It advises on the issues that institutions need to address to ensure that the risks which they are exposed to are minimised. In particular, this practical guide describes how to implement an efficient and effective risk management policy.

The guide includes detailed chapters on: