A Comprehensive Review of Enterprise Risk Management on Higher Education Institutions Performance

Abstract

Recently, there has been a fervent discussion concerning the topic of Enterprise Risk Management (ERM) and the performance of higher education institutions. Thus, the main aim of this study is to examine the existing literature and find common trends for enhancing ERM in Higher Education Institutions (HEIs) performance. The present study utilized the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework as its selected technique. The research utilized a series of search methodologies, notably focusing on the keywords. The search phrases were utilized in the SCOPUS and Web of Science (WoS) databases to examine the literature comprehensively. The investigation encompassed the period from 2019 to 2023, leading to a comprehensive examination of the subject matter literature. The study implemented predetermined criteria to select appropriate studies, leading to a final sample size of (n = 26) articles. The data underwent a theme analysis to categorize and consolidate it. The analysis yielded three distinct themes: (i) risk management practices, (ii) performance impact, and (iii) educational framework development. It brings attention to challenges such as resistance to change and resource constraints. The benefits include improved strategic decision-making, effective allocation of resources, and a strong foundation for managing risks.