Institutional risk management: analysis of factors associated with the extent of monitoring and reporting of risk

The study investigated factors associated with the extent of risk monitoring and reporting. This was conducted amongst risk analyst in a black historical University in the Eastern Cape area of South Africa. Sixtyfour risk analyst in different entities of the University participated 50 percent of (n = 32 out of 64) respondents in the sample had neither partially or completely implemented factor of IRM in terms of monitoring nor reporting, while 35 percent (n = 22) have not made a decision to implement IRM or have no plans to implement monitoring nor reporting of IRM. The findings of this study was conclusive on three facts: (1) the University does not have overall reporting processes designated to risk officers on risk to make required annual audit (2) the University does not have formal risk management monitoring and reporting systems- FRMMP (3) the University does not have sufficient resources in relation to risk management and its development. Although, if FRMMP and other factors implemented, could be significant and does impact on the institution risk management as a predictor (p<0.05), with odds ratio being 0.639, (a value <1). This indicates that the more FRMMP in the institution, the less likely, the institution is to report risk. Collectively, the results (other factors) suggested that a high tendency of quality IRM factors correlate positively with IRM monitoring and reporting.

Institutional Risk Management ,

Risk Monitoring and Reporting ,

Designated Risk Officer ,

Institutions of higher learning-University ,