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It has been argued that we live in a 'Risk society' (Beck, 1992, 2004) and that we are engaged in the 'Risk management of everything' (Power, 2004). Given this all pervading presence of risk and risk management it is, therefore, not surprising that Higher Education (HE) is also preoccupied with these issues. Despite the realisation that 'The meaning of risk remains indeterminate' (Beck, 2004: 2), the importance of this elusive concept and its management has become, the central and all encompassing concern in the internal control of all organisations (Power, 2004: 24). This applies as much to Higher Education Institutions (HEIs) as to any other organisations.
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