New development: The behavioural effects of risk management in higher education. Issue 6 (18th August 2022)

• Record Type: Journal Article
• Authors: Narayan, Anil K.; Kommunuri, John
• Is Part Of: Public money & management. Volume 42:Issue 6(2022)
• Page Start: 414
• Page End: 416
• Publication Date: 2022-08-18
• Subjects: Behavioural risk -- higher education -- optimism bias -- risk management; Finance, Public -- Great Britain -- Periodicals; Great Britain -- Economic policy -- 1945-1964 -- Periodicals; 336.005
• DOI: 10.1080/09540962.2021.1959985
• Languages: English
• ISSNs: 0954-0962

Abstract

IMPACT: This article will be useful to policy-makers and managers to gain control over risk-taking behaviour in higher education institutions (HEIs). It provides an understanding of often overlooked psychological hurdles. The article assists policy-makers and managers in formulating sound risk management policies and frameworks. In addition, it builds a risk-awareness culture showing how to avoid behavioural pitfalls and over-ambitious target-setting that is putting many HEIs under extreme financial risk ABSTRACT Risk management is gaining increasing importance in the higher education sector, but risk-taking behaviours associated with human vulnerabilities are not well understood. This article offers new insights into people's risk-taking behaviour and the consequences for higher education institutions. The authors discuss core psychological and socio-cultural issues associated with behavioural risk management and propose ideas to help overcome risk-taking behavioural problems.