Risk (Reputation and Relationships)
When institutions talk about risk management, they primarily mean two things: operational risks (i.e. things which might prevent the institution from going about its usual business, which we’ll deal with tomorrow), and reputational risks. This latter is not generally seen as relating to the actual quality of teaching and research (that has more to do with prestige, which we dealt with yesterday); rather, it has to do with “issues management” or worse, “crisis management”. Risks to prestige are slow moving; risks