Risk Management in Brazilian Federal Universities: Evaluating the Achievement of Strategic Objectives
DOI:
https://doi.org/10.17524/repec.v19.e3729Keywords:
Risk Management, Internal Control Systems, Managerial Control Systems, Brazilian Federal Universities, Strategic ObjectivesAbstract
Objective: To analyze how risk management is configured to support performance in achieving strategic objectives in Brazilian federal universities.
Method: Data from 35 federal universities were analyzed using fuzzy-set Qualitative Comparative Analysis (fsQCA), which enables a configurational understanding of organizations. Using fsQCA, the study sought to analyze connections between the performance of federal universities and the following conditions: risk management maturity; alignment of the internal control system; extent of use of management control systems; implementation time of the risk management policy; adoption of an implementation plan and/or methodology to guide risk management; and organizational size. The performance dimensions captured the main areas related to the universities’ objectives: teaching, research, human resources, and financial resources.
Results: The identified configurations were adapted to contingent factors, such as size, and revealed key factors associated with high performance in achieving strategic objectives. The following factors stood out: the establishment of a formal structure – through the adoption of an implementation plan and/or risk management methodology –, the maturity of risk management, the alignment of internal control systems (adequacy to risk management), and the use of management control systems to monitor performance and risks, as well as in disseminating a risk culture. Evidence suggests that risk management is integrated into the organizational activities of some of the institutions investigated, interacts with existing control systems, and acts as a governance mechanism aimed at achieving strategic objectives.
Contributions: The study offers relevant insights by employing a configurational approach to explore the relationship between risk management and performance in achieving strategic objectives, supporting practical recommendations by highlighting the complexity and non-linearity of implementation processes, as well as their dependence on dynamic interactions with institutional control systems. Furthermore, this study advances the theory by empirically demonstrating equifinality in the risk management arrangements adopted in universities and by offering a model to analyze the complementarity between different control systems.
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