A Risk Management Approach for the Internationalization of Higher Education

Abstract

This paper analyzes how higher education institutions can utilize a framework for assessing the risks associated with international expansion initiatives. It makes an argument for why borrowing risk assessment frameworks from other disciplines can also be beneficial to higher education institutions. The riskiest form of internationalization—establishing an international branch campus—is used as a benchmark for assessing risks. A risk management framework developed for managing risks associated with global megaprojects is used to analyze key decision points senior leaders at higher education institutions may want to consider when deciding to expend scarce institutional resources to pursue an international higher education project. This paper finds that risks management models borrowed from the business discipline are adaptable for a higher education context. With few risk management models available to assess the risks associated with internationalization opportunities, the authors argue that more research is needed on the topic of risk so that senior leaders can make well-informed decisions about taking on riskier international education opportunities.