RISK MANAGEMENT PRACTICES OF ISO-CERTIFIED STATE UNIVERSITIES AND COLLEGES (SUCs) IN MIMAROPA REGION: BASIS FOR IMPROVED RISK MANAGEMENT STRATEGIES

This study focused on the risks that ISO-certified state universities and colleges (SUCs) in the MIMAROPA Region commonly encounter based on the dimensions of Enterprise Risk Management (ERM) and the extent of the implementation of their risk management practices in terms of the requirements and expectations of the Quality Management System (QMS) standards of ISO 9001:2015 as basis for a Proposed Improved Risk Management Strategies for SUCs. The study utilized stratified random sampling for 60 respondents comprising a mix of senior leaders, middle managers, and rank and file employees who are engaged in the implementation of the QMS. The study used quantitative research design, specifically, descriptive correlational research design. Data were analyzed using frequency and percentage, mean and standard deviation. Result of the study revealed that SUCs in MIMAROPA, in terms of size, are small and medium. In terms of level, they are Level II and Level III SUCs. In terms of the years of existence, all of the six SUCs have been existing for more than 50 years and in terms of ISO certification, they are all ISO 9001:2015 certified. In the assessment of the level of seriousness of the identified risks that these ISO-certified SUCs encounter based on the dimensions of ERM, it was determined that the risks they encounter are “more serious” and as such are very significant and requiring the implementation of strong control procedures. As to the extent of the risk management practices, the SUCs manifested that the extent of their risk management practices is “average”. When respondents were asked to rank the challenges they encounter in implementing risk management, the top three responses were: 1) lack of concrete institutional policies on risk management; 2) weak leadership drive, initiative or support (tone from the top); and 3) lack of knowledge or competence on implementing risk management. Given these results, it is recommended that SUCs formulate or establish their institutional policy on risk management. There is a need for SUCs to take risk management as part of their governance and invest in educating and capacitating officials and employees in handling risk management. Given these findings, the researcher proposed developing or formulating a Risk Management Policy Manual for SUCs to improve the risk management strategies that these SUCs employ.