Consequences and Implications of Risk Management and Control

The Case of the University of Lagos, Nigeria.

Abstract

Risk exists as a consequence of uncertainty and is present in all activities whatever the size or complexity and whatever industry or business sector. In this modern time, every contemporary University system must seek to entrench risk management and control strategies across all its constituent sections with the aim of identifying and managing existing and new risks as well as develop a risk awareness culture among stakeholders thereby able to respond with cost effective actions in a timely manner at the occurrence of any unexpected and adverse event among other objectives. This research project adopts a qualitative research approach to explore consequences and implication of risk management and control in the University of Lagos, in the current dispensation. Unstructured questionnaires were administered to Twenty-five (25) heads of Units/Departments selected through purposive sampling method. Five (5) administrative heads were also interviewed orally to obtain in-depth information on the subject.  Findings revealed that prominent risks in the University include: compliance risks, financial risks, campus security/safety risks, and operational risks, involving laboratory/workshop injury, fire incidents, general accidents and interruption or cessation of routine activities due to power fluctuations, system breakdown etc. In conclusion, some policy recommendations were proffered to mitigate against both avoidable and unprecedented risks inherent in a metropolitan University like UNILAG.