Open AccessON THE FUNCTIONALITY OF RISK MANAGEMENT FRAMEWORKS AT THE UNIVERSITIES
Author(s) -
Samvel Hovhannisyan,
Svetlana Karapetyan
Publication year - 2021
Publication title -
banber erevani v. bryusovi anvan petakan lezvabanakan hamalsaran
Language(s) - English
Resource type - Journals
ISSN - 1829-3107
DOI - 10.51307/182931072015233260/21.2-223
Subject(s) - risk management , risk management framework , risk analysis (engineering) , business , order (exchange) , statutory law , competitive advantage , set (abstract data type) , process management , it risk management , knowledge management , computer science , marketing , political science , finance , law , programming language
Internal and external environmental factors and modern-day economic,social and educational trends have led to the necessity for universities to adoptnew approaches and policies towards the implementation of their statutory goalsand functions. The mentioned factors have entailed the need of integrating riskmanagement into the strategic, operational, and academic processes ofuniversities, thus managing the probable impact of possible external and internalrisks on performance effectiveness, on preserving their competitiveness andgaining competitive advantage. With the overall aim of effectively integrating riskmanagement into the corresponding functional processes, a set of policies,procedures, and structures should be developed and assimilate into the riskmanagement framework in order to ensure a systematic approach towards riskmanagement.