The monetary and financial crisis of 2008 led to introduction of austerity measures which overshadowed university sectors cross-nationally. The article focuses on the effects of the 2008 financial crisis on risk management in university systems. Though risks and risk management are external quality management, they share common features with quality assurance, which includes some elements of accountability and monitoring by using various methods such as audit or assessment. The article identifies how uncertainty and insecurity in the post-2008 period reshaped risk management at the system level, rather than each institution or campus. Internal control is examined in relation to risk and risk management and how the arrival of the risk society shapes the balance between authorities and universities and between regulatory and market modes. The empirical setting was internal control at the system level in England and the State University of New York (SUNY). Results show that economic crisis and uncertainty do not necessarily thrust the introduction or improvement of management mechanisms in university sectors and do not necessarily bring about responsibilization.
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