27 Virtual Brochure – February 2024 C) Macro-economic and geopolitical uncertainty. The 2023 ECIIA report saw a 14ppt increase in the ranking of risks in this area in response to consequences of the pandemic, the conflict in Ukraine, growing political instability in several regions and rampant inflation in the cost of energy, raw materials, and foodstuffs. While the 2024 report sees a slight decrease in perception of risk, feedback from CAEs indicates that risks could worsen further in the short term before the operating climate improves. Considerations for HE While these kinds of macro risks tend not to feature on institutional risk registers, we note that they are starting to appear more frequently in the context of international education and research partnerships, and in relation to international student recruitment. Potential impacts on international staff and students, supply chains for research equipment or materials for operational infrastructure can be overlooked, and we note that institutions usually report that current mitigating actions are sufficient to manage known risks. Issues to consider are: - Are the risks to strategic aims and operational delivery from geopolitical uncertainties and conflicts understood and documented? How are these risks factored into planning and decisions about new partnerships or investments? - Is your horizon-scanning capability proportionate to the institution’s level of risk exposure? - Does scenario planning and crisis management / business continuity planning include unlikely but very impact events?
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