HIGHER EDUCATION INSTITUTIONS
Each type of entity manages risks and opportunities unique to their organizations'
business models and priorities to achieve their mission and operational objectives.
HIGHER EDUCATION TRANSPARENCY INITIATIVE
U.S. DEPARTMENT OF EDUCATION COLLEGE SCORECARD
Transparency is being driven internally and externally throughout universities, colleges and other higher education institutions. The U.S. Department of Education created the College Scorecard website.
Per the website, The College Scorecard is designed to increase transparency, putting the power in the hands of the public — from those choosing colleges to those improving college quality — to see how well different schools are serving their students.
IMPORTANCE OF THE COLLEGE SCORECARD
The following excerpts from the College Scorecard Communication Toolkit provides valuable insights to higher education institutions, students and parents regarding the Importance of the College Scorecard:
For students, higher education may be the single most important investment they can make in their futures to ensure they have the knowledge and skills needed to compete in an increasingly global marketplace. Experts say that by 2020, two-thirds of all jobs will require a postsecondary education; and college graduates are likely to earn a lot more and experience lower unemployment than those with only a high school diploma.
The College Scorecard is an interactive college search tool created with direct input from students, families, and their advisers.
The Scorecard provides the clearest, most accessible, and most reliable national data on college costs, graduation rates, typical debt levels, and post-college earnings. It is available to help students make informed choices about attending college.
The College Scorecard is primarily designed for students and families, so the data are presented in an easy-to-understand graphical format.
Students can also make specific searches based on what’s most important to them. For example, students can use the College Scorecard to find men- or women-only institutions, Hispanic-Serving Institutions, Historically Black Colleges and Universities, specific religious affiliations, schools that offer particular types of degrees and academic programs, and so much more.
By making federal data on the performance of U.S. institutions widely available to the public, the U.S. Department of Education hopes that increased transparency will help support students as they pursue their academic and career goals through a college education and seek to find the institutions that will give them the best chances for success.
EACH TYPE OF ENTITY HAS UNIQUE BUSINESS MODELS WITH DIFFERENT QUALITY MEASURES
Each business model results in different risks and opportunities that drive specific risk awareness and management approaches for entities to achieve their missions and performance objectives.
For example, product and service quality assurance and safety levels are measured and managed in different ways for different types of entities, industries, and functional areas.
NATIONAL INSTITUTE FOR LEARNING OUTCOMES ASSESSMENT TRANSPARENCY INITIATIVE
In higher education, one example of a tool to measure quality levels is the National Institute for Learning Outcomes Assessment - NILOA (Making Learning Outcomes Usable and Transparent). Per the NILOA website, the mission of the National Institute for Learning Outcomes Assessment is to discover and disseminate ways that academic programs and institutions can productively use assessment data internally to inform and strengthen undergraduate education, and externally to communicate with policy makers, families and other stakeholders.
NILOA assists institutions and others in discovering and adopting promising practices in the assessment of college student learning outcomes. Documenting what students learn, know and can do is of growing interest to colleges and universities, accrediting groups, higher education associations, foundations and others beyond campus, including students, their families, employers, and policy makers.
EACH TYPE OF ENTITY OPERATES WITHIN DIFFERENT REGULATORY and COMPLIANCE REQUIREMENTS
Higher education institutions operate within a heavily regulated entity type and industry. The Higher Education Compliance Alliance (HECA) was created by the National Association of College and University Attorneys (NACUA) to provide the higher education community with a centralized repository of information and resources for compliance with federal laws and regulations. The participating associations listed here represent a broad cross-section of higher education interests, and share a joint commitment to providing high quality, free resources on a broad range of compliance topics as a service to the higher education community at large.
The HECA Compliance Matrix lists key federal laws and regulations governing colleges and universities. It includes a brief summary of each law, applicable reporting deadlines, and links to additional resources. Users can sort by topic area or by date to plan for upcoming reporting requirements. Users can also filter by topic, to limit the matrix to certain topics of interest (i.e. athletics or human resources).
FACULTY AND STUDENTS CAN SEARCH SEC EDGAR COMPANY FILINGS BY SIC CODE for INDUSTRY RISK AND BUSINESS DISCLOSURES
Enter an entity SIC Code of interest in the U.S. Securities and Exchange Commission (SEC) EDGAR Company Filings Search Tools to access regulatory filings such as Form 10K (Annual Report) to review the relevant Risk Factors for publicly traded companies in the same industry.
Each functional area in colleges and universities aligns with and contributes to the mission, strategies, and operations of the higher learning institution. Functional areas also provide context and insights for students to better understand particular career paths and opportunities.
Each functional area operates and manages key risks and opportunities differently based on their unique purpose, skill sets, approaches, and corresponding views (lenses). The level of due diligence applied to key risks and process sub-categories drive value creation and value protection.
Each day key stakeholders should operate at a performance, awareness, and transparency level similar to that applied during an acquisition or divestiture due diligence initiative.
Enterprise Risk Management (ERM) enables functional area strategic objectives and risk appetites to be aligned with operations, reporting, compliance, & the control environment.
The RISK TRANSPARENCY Risk Governance Framework (RGF) is a simple way for any entity in any industry to aggregate their Board of Directors and Executive Leadership governance over key functional areas, key processes, risks, and risk appetite levels.
ENTITY OBJECTIVES AND FUNCTIONAL AREAS
LEARN MORE ABOUT ENTERPRISE RISK TRANSPARENCY
Enables balancing the risk and reward quotient with value creation and value protection to control outcomes over time.