Which is better for embedding risk management in higher education quality assurance: ISO 31000 or the COSO framework?
Paper
Paper/Presentation Title | Which is better for embedding risk management in higher education quality assurance: ISO 31000 or the COSO framework? |
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Presentation Type | Paper |
Authors | |
Author | Padro, Fernando F. |
Editors | Dahlgaard-Park, Su Mi and Dahlgaard, Jens J. |
Journal or Proceedings Title | Proceedings of the 18th QMOD-ICQSS international conference on quality and service sciences 12-14 October 2015, Seoul, Republic of Korea |
Number of Pages | 39 |
Year | 2015 |
Place of Publication | Sweden |
Web Address (URL) of Paper | http://www.ism.lu.se/en/qmod/history-of-the-qmod-icqss-conferences |
Conference/Event | 18th International Conference on Quality Management and Organisational Development (QMOD 2015) and International Conference Quality and Service Sciences (ICQSS 2015) |
Event Details | 18th International Conference on Quality Management and Organisational Development (QMOD 2015) and International Conference Quality and Service Sciences (ICQSS 2015) Event Date 12 to end of 14 Oct 2015 Event Location Seoul, Republic of Korea |
Abstract | Purpose: The focus of this paper is two-fold: [1] to explain risk management (RM) from an enterprise (ERM) or institutional perspective and from a regulatory (RRM) perspective and [2] to explore issues pertinent to choices involved in determining whether to adopt RM and how to implement it from the single college or university standpoint and/or from a sector viewpoint in relation to existing quality assurance (QA) and quality control (QC) practices. Design/Methodology/Approach: This paper is a conceptual analysis of the RM literature as it applies to higher education. RM is a developing practice in higher education and RM itself is a maturing field with transdisciplinary interests. Findings: There are different RM models that are utilized by different business and industry sectors. Two models are dominant, the COSO Framework and the ISO 31000 standard, RRM is practiced in Australia and the UK is about to use RRM as the key component of its higher education oversight process. In the USA, the practice of RM is more indirect and voluntary based on following the dicta set forth in the Sarbanes-Oxley Act of 2002. Practical implications: QA frameworks in higher education (HEQAs) are noticing the development of RM and, as the most recent development in QA, may want to consider adopting RM. There are a number of considerations in pursuing the adoption and implementation of RM at the institutional and sector levels and this paper highlights key considerations. Six concerns and seven questions are identified and discussed to help frame the decisionmaking process relating to RM adoption. Originality/Value: There is little in the literature regarding the adoption, implementation, and use of RM in higher education. There is also a scant amount of articles and studies on how to integrate RM into QA schemes, especially in higher education. This paper provides an introduction to both these discussion points. |
Keywords | COSO; higher education evaluation; HEFCE; ISO 31000; risk management; Sarbanes-Oxley; TEQSA |
ANZSRC Field of Research 2020 | 390303. Higher education |
Public Notes | No evidence of copyright restrictions preventing deposit of Submitted Version. |
Byline Affiliations | Learning and Teaching Support Unit |
Institution of Origin | University of Southern Queensland |
https://research.usq.edu.au/item/q3538/which-is-better-for-embedding-risk-management-in-higher-education-quality-assurance-iso-31000-or-the-coso-framework
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