Abstract:
Risk Management is the application of proactive strategy to plan, lead, organize and control the wide variety of risks that come into the fabric of an organization daily and in the long term functioning. Risk has a say in the achievement of our goals and in overall success of an organization. Problem statement: A number of universities and other higher institutions of learning are grappling with how to manage risk in order to maximize firm value via the reduction of costs associated with different risks. There is need for higher institutions of learning to manage key causes of risk and probably in that way also manage risks which have not been identified. Objectives: The objectives of the study were to identify types of risks faced by higher institutions of learning and to establish techniques of managing the risks faced by higher institutions of learning. Methodology: To achieve the objective of this study, the researchers used descriptive research design with both qualitative and quantitative approaches, interview guide for primary: from secondary sources i.e from books, journals and online publications. Purposive sampling was used to sample managers and simple random sampling technique to sample support staff. Findings: Researchers identified various risks like; strategic risk, financial risk, legal risk, reputation risk operational risk and major project risk faced by higher institutions of learning. The study concluded that higher institutions of learning should inessence identify and outline common causes of risks and focus on how to manage the key causes for the survival and accelerated growth of their institutions. They can do this by stressing more on sensitizing the students and staff through risk reduction, self insurance and precautionary measures other than solely buying insurance
