Using the university setting to illustrate risk management concepts: A case‐based learning exercises

The study summarizes a case study that allows students to apply what they have learned about risk management and the risk management process to a setting with which they are familiar—their campus. Specifically, the case focuses on the identification, evaluation, and management of risks faced by higher education institutions. The case is designed for use as a hybrid assignment in a sophomore or junior‐level course. However, options are provided so that it can be easily adapted for use in a variety of settings. The completion of the case provides students with an opportunity to apply what they are learning to their environment, utilize some basic analytical skills to assess and solve problems, practice effective written and oral communication skills, and engage effectively in teams by working with fellow students. As more universities develop courses in risk management and insurance, a case that covers a relatable scenario can be valuable in engaging students and in helping them understand the importance of the risk management process for individuals, businesses, and organizations.