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The process of higher education modernization gives rise to a great deal of risks the higher education institutions face. This risk management policy forms part of the internal control and corporate governance arrangements of the UK universities which try to follow and adopt best practice in the identification, evaluation and control of risks to ensure that, as far as is reasonably practical, risks are eliminated or reduced to an acceptable level.Despite the fact that risks exist in the higher education system and can never be eliminated, administration and staff of the Ukrainian universities are unaware of the nature of risk and the types of risks associated with their area of work. Although many studies have attempted to explore the risk management implementation in higher education, there is a sparse conceptual framework in this sphere. The author of this article focuses on the framework of categories and concepts, associated with the coverage of the issues of therisk management implementation in higher education institutionson the basis of such theoretical methods as a method of terminological analysis, comparison, synthesis, generalization. The comparative analysis of suchkey definitions as «risk», «risk management», «risk profile», «risk owner»is madeon the basis of native and foreign scientific sources, definition and specialized dictionaries, the UK regulatory documents in the risk management sphere. It has been revealed that the Higher Education Funding Council for England (HEFCE) defines risk as «the threat or possibility that an action or event will adversely or beneficiallyaffect an organization’s ability to achieve its objectives». Risk management is characterized by it as «a process which can provide assurance that damaging things will not happen or are less likely tohappen; that beneficial things will be or are more likely to be achieved». The author has proposed her own definition of risk managementin higher education which is as follows: it is a structured and coherent approach that combines strategy, processes, people, technologies and skills to identify, assess and control the uncertainties which may impact the university’s ability to achieve its objectives and missiontoprovideeducationalservices.An attempt to clarify the common terminology of pedagogical riskology that will enhance the level of knowledge of staff and administration of higher education institutions is made. The further research should focus on the analysis of the leading concepts of risk management in the Ukrainian and foreign theory of education.
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