1. Risk Identification
Risks are classified into 4 main categories: Strategic Risks (SR), Operational Risks (OR), Financial Risks (FR), and Compliance Risks (CR).
|
Code |
Category |
Risk |
Description |
|
SR1 |
Strategic |
Failure to achieve AACSB accreditation |
Unable to complete iSER requirements or rejected during evaluation |
|
SR2 |
Strategic |
Loss of ACQUIN accreditation |
Failure to meet standards during periodic review |
|
SR3 |
Strategic |
Limited financial resources |
International and private schools attracting students and faculty |
|
SR4 |
Strategic |
QS Stars rating decline |
Failure to maintain minimum 4-star QS rating |
|
OR1 |
Operational |
High-quality staff continuity |
Unable to recruit/retain internationally qualified faculty |
|
OR2 |
Operational |
Digital transformation failure |
Unable to implement digitalization systems |
|
OR3 |
Operational |
Cybersecurity and data risks |
Cyberattacks or data leakages affecting students and research |
|
OR4 |
Operational |
Curriculum innovation failure |
Unable to maintain curriculum innovation with market requirements, students feedback, and AI targets |
|
OR5 |
Operational |
Student exchange program failure |
Unable to achieve 10% student exchange rate by 2030 |
|
OR6 |
Operational |
Faculty retention |
High turnover of internationally qualified faculty because of competitive pressures |
|
OR7 |
Operational |
AI ethics violations |
AI ethical framework violations |
|
OR8 |
Operational |
English proficiency |
Failure to achieve 50% of students reaching B2 English level |
|
FR1 |
Financial |
Enrollment revenue decline |
Missing enrollment targets due to competition or economic changes |
|
FR2 |
Financial |
Investment budget inefficiency |
Insufficient and non-optimized financial resources for strategic projects |
|
CR1 |
Compliance |
Accreditation standard violations |
Non-compliance with ACQUIN/AACSB standards |
|
CR2 |
Compliance |
Data privacy violations |
Non-compliance with personal data protection regulations |
|
CR3 |
Compliance |
International publication shortfall |
Failure to improve international publication ratio (currently 29%) and achieve 50 MNS publications |
|
CR4 |
Compliance |
International student recruitment failure |
Inability to increase international student ratio above current 6% level |
2. Risk Assessment Matrix
Risk assessment based on 2 criteria: Likelihood (1-5) and Impact (1-5). Risk Score = Likelihood × Impact. HIGH (12-25), MEDIUM (6-11), LOW (1-5).
|
Code |
Risk |
Likelihood |
Impact |
Score |
Level |
|
SR1 |
Failure to achieve AACSB accreditation |
3 |
5 |
15 |
HIGH |
|
SR2 |
Loss of ACQUIN accreditation |
2 |
5 |
10 |
MEDIUM |
|
SR3 |
Limited financial resources |
3 |
4 |
12 |
HIGH |
|
SR4 |
QS Stars rating decline |
2 |
5 |
10 |
HIGH |
|
OR1 |
High-quality staff continuity |
2 |
4 |
8 |
MEDIUM |
|
OR2 |
Digital transformation failure |
2 |
5 |
10 |
MEDIUM |
|
OR3 |
Cybersecurity and data risks |
3 |
4 |
12 |
HIGH |
|
OR4 |
Curriculum innovation failure |
3 |
4 |
12 |
HIGH |
|
OR5 |
Student exchange program failure |
2 |
3 |
6 |
MEDIUM |
|
OR6 |
Faculty retention |
4 |
3 |
12 |
HIGH |
|
OR7 |
AI ethics violations |
2 |
3 |
6 |
MEDIUM |
|
OR8 |
English proficiency |
3 |
2 |
6 |
MEDIUM |
|
FR1 |
Enrollment revenue decline |
2 |
4 |
8 |
MEDIUM |
|
FR2 |
Investment budget inefficiency |
2 |
3 |
6 |
MEDIUM |
|
CR1 |
Accreditation standard violations |
2 |
5 |
10 |
MEDIUM |
|
CR2 |
Data privacy violations |
2 |
5 |
10 |
MEDIUM |
|
CR3 |
International publication inefficiency |
4 |
3 |
12 |
HIGH |
|
CR4 |
International student recruitment failure |
3 |
3 |
9 |
MEDIUM |
3. Risk Mitigation Strategies
|
Code |
Risk |
Mitigation Strategies |
Responsible Unit |
|
SR1 |
Failure to achieve AACSB accreditation |
Hire AACSB consultants, train staff, implement AoL system (AACSB) |
QA Dept |
|
SR2 |
Loss of ACQUIN accreditation |
Maintain QA system, internal audits, increase internationalization rate and increase research outputs |
QA Dept/Intl Office |
|
SR3 |
Limited financial resources |
Diversify revenue sources from provincial consultancy and projects, short-term certificates in ITM and mid-career managners, develop modern and interdisplinary programs |
FOM/FONS/FOMC/ITM |
|
SR4 |
QS Stars rating decline |
Enhance student support services (academic writing lab/computer lab) and career counseling. Upgrade classroom, library, physical health center, and research support. |
Rectors’ Board/Administrative Office/IT Team |
|
OR1 |
High-quality staff continuity |
Partner with top universities for joint PhD programs; establish Publication Support Center for editing and methodology support for more doctoral students |
Rectors’ Board/ FOM/FONS/FOMC |
|
OR2 |
Digital transformation failure |
Hire ERP consultant and experts for process innovation, invest in more robust internet and wifi system, more robust and user-friendly self-developed learning platforms, regular backups, incident response plan |
QA Dept, Laws |
|
OR3 |
Cybersecurity and data risks |
Maintain compliance with Decree 13/2023/NĐ-CP and establish Cybersecurity Emergency Team |
IT Team |
|
OR4 |
Curriculum innovation failure |
Develop unique interdisciplinary programs (MNS, MBA/MOTE specializations), biennual cirriculum review |
Rectors’ Board |
|
OR5 |
Student exchange program failure |
Expand partner network and two-way exhange program by 20 institutions by 2030 and simplify exchange application from HSB to host institutions |
Academic Affairs Department |
|
OR6 |
Faculty retention |
Competitive salary, career development plan, more research grants, and performance-based salary increases (10% annually) |
HR |
|
OR7 |
AI ethics violations |
Establish AI committee and require AI statement for students’ submissions |
Academic Affairs Department/FOM/FONS/FOMC /UPMO/POMO |
|
OR8 |
English proficiency |
English preparation programs (B1/B2); partner with other English Centers to support proficiency. |
Academic Affairs Department/UPMO/POMO |
|
FR1 |
Admissions revenue decline |
Design variations in HSB-MBA, MNS and MOTE programs, including full-time MBA, MNS, and MOTE, Executive MBA and MOTE, Weekend MBA and MOTE. Full-time is 24 months and executive is 18 months
Develop advanced specializations for interdisplinary masters’ programs, for example, MBA and MOTE in Digital Marketing and E-Commernce, Technology Management (tech company), Healthcare Management, Finance Management (international fianance centers), Sustainable Business and ESG, etc., |
Rectors’ Board/Academic Affairs Department |
|
FR2 |
Investment budget inefficiency |
Optimize costs through digitalization and prioritize strategic projects: collaborative classrooms to encourage students collaboration, research grants amd spaces between lecturers and students, and students’ resources such as physical health center and students academic support center |
Finance and Planning Dept./Academic Affairs Department/UPMO/POMO |
|
CR1 |
Accreditation standard violations |
Conduct regular standards review against ACQUIN/AACSB requirements; establish Ethics Committee |
Intl Office/Academic Affairs Department |
|
CR2 |
Data privacy violations |
Data minimization, employee and staff training |
IT Team |
|
CR3 |
International publication inefficiency |
Provide conference participation support (max 1000$/faculty/year); expand resources for research such as data and statistical softwares, expand sepcialized research teams (lecturers vs. lecturers, students vs. lecturers); develop research assistant and teaching assistant programs. |
Rectors’ Board / FOM/FONS/FOMC/Academic Affairs Department |
|
CR4 |
International student admissions failure |
Develop admissions strategy for Laos, Cambodia, Thailand, African nations; expand scholarship for international students |
UPMO, Intl Office, ITM |
4. Risk Reporting System
The risk management reporting structure and responsibilities are established at 3 levels:
Level 1: Board of Trustees (Risk Oversight)
- Approve risk management framework and and risk hresholds
- Receive quarterly risk reports from different departments
- Make decisions on high-level risk response measures
Level 2: Risk Management Committee
- Composition: Heads of key departments
- Monthly meetings to assess risk status
- Coordinate risk mitigation across different departments
- Report to Board of Trustees quarterly
Level 3: Functional Units (Risk Owners)
|
Risk Category |
Lead Unit |
Reporting Frequency |
|
Strategic Risks (SR) |
Risk Manangement Comittee |
Quarterly |
|
Operational Risks (OR) |
Administrative Department/HR Department |
Monthly |
|
Financial Risks (FR) |
Finance and Planning Dept. |
Monthly |
|
Compliance Risks (CR) |
Legal Dept/Laws |
Quarterly |
5. Implementation Timeline (2026-2030)
|
Year |
Key Activities |
Milestone |
|
2025- 2026 |
Complete QA system per ACQUIN standards; Achieve QS Stars 4-star rating; Hanoi University of Business and Management ; Digitalize 50% of administrative processes; Implement risk management framework; 90% of academic processes |
QS 4★ |
|
2027 |
Submit AACSB Eligibility Application; Digitalize 90% of administrative processes; Integrate AI into 50% of programs; Expand to 25 international partners |
AACSB |
|
2028 |
Complete 50% of iSER requirements; ACQUIN periodic review; 5% students in international exchange |
International Exchange 7% |
|
2029 |
Complete 70% of iSER requirements; 8% students in international exchange; 30 MNS publications on WOS/Scopus; Host International MNS Forum |
iSER 70% (AACSB) |
|
2030 |
Achieve Top 100 Business Schools in Asia; 10% students in international exchange; 80% programs with AI integration; 30 active partners; 50 MNS publications |
TOP 100 ASIA |
