Governing boards of colleges and universities have a fiduciary responsibility to the institutions they serve, meaning that a board is entrusted with the well-being of the very institution itself and charged to act in its best interest. Risk, broadly defined in regard to higher education, is essentially anything that could impede successful pursuit of the institutional mission. As the operations and programs of colleges and universities have expanded, so too has risk exposure. For example, an educational program in another country introduces geopolitical and logistical elements into the institutional risk profile beyond those of the main campus. Ensuring appropriate evaluation of risk is a vital component of a board fulfilling its responsibility to the institution. Governing boards must establish the expectation of systematic, ongoing risk ...