Message from the Vice-Chancellor

Over the past two decades, the confluence of geopolitical tensions, the impact of climate change and rapid technological advancements have resulted in a global space that is characterised by uncertainty and unpredictability. A proactive approach to managing the risks occasioned by this uncertainty and unpredictability must be a priority for higher education institutions as we navigate that space. The establishment of a Unit at The UWI, staffed by a very capable team, is a clear indication of our commitment to Risk Management.

Risk awareness is about recognising and assessing the impact of potential risks, and how they can be managed or mitigated. Crisis preparedness, sustainable financing, reputation management, compliance with various regulatory frameworks including accreditation, operational efficiency, effective and optimal resource allocation, and maintaining stakeholder confidence are some of the areas that are important for us at The UWI.

The UWI operates across 17 countries in a region that is prone to natural hazards such as hurricanes, earthquakes, flooding and volcanic eruptions. Crisis preparedness in addressing the impact of these hazards, as well as health risks and security issues at our campuses is greatly improved by a solid risk management plan. The UWI contributing countries have been experiencing sluggish economic growth for two decades and this has impacted their financial support to the institution. Effective risk management can assist in assessing the overall financial risks and identifying a mitigation plan to ensure budget stability and protect against unforeseen financial challenges. As we work on maintaining our global ranking, managing risks related to academic integrity, output, safety, and compliance will help us to maintain
stakeholder confidence and boost student enrolment. The UWI also operates within national, regional and global regulatory frameworks – the Caribbean Accreditation Authority for Education in Medicine and Other Health Professions that assesses and accredits our medical programmes comes to mind. A robust risk management framework helps us in
ensuring that we are compliant with laws and accreditation standards, thereby reducing the risk of penalties.

By understanding and prioritizing risks, The UWI can allocate the resources available to us more effectively, directing attention and funding toward the most pressing issues. This in turn strengthens our operational efficiency which enhances one of our key objectives, improving the overall student and staff experience. Demonstrating a commitment to risk management can also bolster confidence among our stakeholders, including students, parents, faculty, and donors, thereby fostering a supportive community.

Risk management also informs strategic planning, allowing institutions to identify opportunities for growth while mitigating potential downsides. The UWI is currently at the mid-point of implementing its 2022-2027 Strategic Plan and will in short order, begin to look at developing a successor Plan. A good understanding of the potential risks we face and our appetite for risk can facilitate us considering and taking calculated risks that are essential for innovation, progress, and seizing new opportunities.

I wish the team the very best as they foster awareness and help to build capacity and resilience across the UWI-verse.

Blessings!
Hilary Beckles
Vice-Chancellor