Risk Management Challenges in the Educational Sector: Impact of Pandemic Covid-19

Abstract

Risks are deviations from expectations and impact of uncertainty. It is essential for every organization to have risk management techniques to offset the implications caused by the unexpected risks. Managing unexpected risks is a major responsibility of the management. Contingencies have to be provided to meet such challenges or risks. During the academic period 2020-21, the educational sector experienced greater risks due to Covid-19. With lesser student enrollment and poor collection of fees, revenue loss was expected. This was further aggravated by government imposing movement restrictions to arrest the spreading of the virus which require employees and teachers to work from home and teaching and learning was hastily made available online. As a result, the education sector experienced business risks, operational risks, and compliance risks all at the same time. This research was performed to identify the impacts of pandemic Covid-19 onto educational sector. Quantitative research method was adopted. The research instruments were given to selected group of teachers and employees of educational institutions. The collected data were analyzed using SPSS 3.2.8. The study recognized the importance of having a risk management plan to face the many challenges of educational institutions to minimize the impact of the risks and to enhance the achievement of institutional goals.