Justin Kollinger, Senior Risk Management Consultant at United Educators (UE), brings valuable perspective in helping colleges and universities develop strategic risk initiatives. As co-author of "Risk Management: An Accountability Guide for University and College Boards" and creator of UE's annual Top 10 Risks report, Kollinger works with institution leaders to develop strategic risk initiatives, prioritize risk management goals, and launch enterprise risk management programs. Higher Ed's Current Risk & Liability Environment The higher education sector faces what United Educators calls "social inflation" - increases in insurance costs above regular inflation. This trend is driven by: Increased third-party litigation financingGrowing recruitment of plaintiffs to bring casesRising defense costsHigher settlements and awards Top Risks in Higher Education McNaughton and Kollinger discuss these top risks revealed in the UE's annual survey: EnrollmentData SecurityOperational PressuresRecruitment and HiringRegulatory and Legal ComplianceStudent Mental HealthFundingFacilities and Deferred MaintenancePublic SafetyThree-way tie: General Premises SafetyTitle IXPolitical and Societal Pressures Notable findings include the consistency of the top seven risks over the past three years despite 2024's tumultuous environment. Surprisingly, climate change and environmental risks did not make the top ten despite increasing natural disasters affecting campuses nationwide. Enterprise Risk Management in Higher Education Dr. McNaughton noted that only about 5% of institutions have formalized risk management programs. Both experts emphasized that when creating strategic plans, institutions must include risk management planning, or they leave themselves exposed. Risk management should distinguish between: University Level: Risk management and identificationBoard Level: Risk oversight and appropriate questioning Data Security Challenges The conversation highlighted growing concerns about data security: Rising costs for data breach coverageNeed for centralized IT managementGrowing sophistication of phishing attempts with AIImportance of comprehensive security training Three Takeaways for University Presidents and Boards Culture of Risk Management ("Cool Head, Warm Heart") Manage risk with thoughtful foresight and consistent policiesShow care to your community before, during, and after incidentsFocus on building trust through demonstrated care and communication Elevate Your Risk Manager Risk managers often know everything happening on campusThey have unique problem-solving toolsThey should be positioned as strategic contributorsIf you don't have a risk manager, get one Use Third-Party Experts Take advantage of insurer resources (like UE's checklists and online courses)Utilize insurance broker resourcesAccess association resources and expertsRemember these experts are part of your support ecosystem Kollinger's insights emphasize that while establishing risk management programs may seem daunting, having basic frameworks in place can help institutions better prepare for and respond to various challenges. His message underscores the importance of both strategic thinking and demonstrated care in building effective risk management programs. The changing landscape of higher education requires leaders to remain vigilant in their approach to risk management, making it an essential component of institutional strategy and governance. #HigherEducation #HigherEducationRiskManagement #HigherEducationPodcast Read the transcript on our website: https://changinghighered.com/top-risks-in-higher-education-erm-programs/ Links to Resources: UE's Top Risks Report: Insights for Higher Education UE's Large Loss Report (featuring settlements over $2.5 million) Risk Management: An Accountability Guide for University and College Boards (AGB) Enterprise Risk Management In Higher Ed Part 1: An Overview of the Planning Process Enterprise Risk Management in Higher Ed Part 2: Risk Planning and its Critical Role in Higher Education Enterprise Risk Management in Higher Ed Part 3: Risk Oversight and the Board’s Role in Higher Education Risk Management Strategic Risk Planning to Chart Higher Ed’s Course in Turbulent Times What is Enterprise Risk Management in Higher Education? About Our Podcast Guest Justin Kollinger serves as Senior Risk Management Consultant at United Educators, an education-owned liability insurance carrier serving 1,500 institutions across the country. In his role, Justin advises college and university leaders as they develop strategic risk initiatives, prioritize risk management goals, and launch or refresh enterprise risk management (ERM) initiatives. He co-authored Risk Management: An Accountability Guide for University and College Boards, published by AGB Press, and creates reports and tools to help United Educators’ members address their top risks, including risks relating to enrollment and student life. Risk & Insurance ...
