Research Area 4

Area 4 – Financial Sustainability and New Financing Models


Business schools are increasingly relying on entrepreneurially acquired revenue streams to fund their activities. A larger revenue base typically goes hand in hand with an increase in revenue volatility, while the corresponding buildup of delivery capacity often represents a quasi-fixed cost. As a consequence, business schools can be exposed to dangerous margin squeezes, which can potentially even threaten institutional survival. It follows that professional risk management is the other side of the coin of entrepreneurialism.

Oversight bodies are increasingly discovering the need to regulate risk-taking of higher education institutions. Some are currently experimenting with a risk-based regulation approach aiming to align regulatory scrutiny with the prevalence of risk taking (see e.g. HEFCE, TEQSA).
RSU activities on the topic of risk management have been represented at a special session of the EFMD Deans & Directors Meeting 2013 in Istanbul and have also motivated changes in the EQUIS documents.

2013 Risk Management Survey

The Deans Barometer 2013 was devoted to examining the current state of risk management in business schools. The results have been published in a special report and summarized in a Global Focus article.

“Good Practice” Guide for Risk Management of Business School

RSU has set up a task force to develop a “good practice” guide for risk management activities of business schools. The guide is intended to contribute to the further professionalization of risk management activities in business schools. It will be non-binding with no direct links to the EFMD accreditation systems. Members of the task force are deans, chief financial officers and academics with an interest in risk management.


EFMD Research Steering Committee

The EFMD Research Steering Committee currently consists of the following members:


  • Howard THOMAS, LKSSB Distinguished Professor of Strategic Management, Mastercard Professor of Social and Financial Entrepreneurship, Director of the Academic Strategy and Management Education Unit, Singapore Management University; Former Dean of College of Business,  University of Illinois at Urbana Champaign, USA; Warwick Business School, UK and Lee Kong Chian School of Business, Singapore Management University, Singapore

Members of the Committee

  • Eric CORNUEL, Director General & CEO, EFMD
  • Ewan FERLIE, Professor of Public Services Management, School of Management and Business, King’s College London, UK
  • Thomas HARTMAN, Professor of Accounting and Finance, Stockholm Business School, Stockholm University, Sweden
  • Jean-Pierre HELFER, Professor and Dean emeritus, IAE Paris, - Sorbonne Graduate Business School and dean of the faculty of EDC Paris Business School, France
  • Pierre KLETZ, Professor at Ben-Gurion University of the Negev, Director, Mandel Social Leadership MBA Program, Guilford Glazer Faculty of Business & Management, Ben-Gurion University of the Negev, Israel
  • Rajani NAIDOO, Professor and Director of the International Centre for Higher Education Management, 
School of Management, 
University of Bath, UK
  • Luc SELS, Rector, KU Leuven, Belgium
  • Barbara SPORN, Professor at the Institute for Higher Education Management, WU Vienna University of Economics and Business, Austria.
  • Kenneth STARKEY, Professor of Management & Organisational Learning, Nottingham University Business School, UK
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