2024 – Navigating the next decade of change in education
This year marks the 10th anniversary of the Independent Schools Risk Report, a milestone that reflects Aon's ongoing commitment to supporting independent schools across Australia. Since 2014, the survey has been capturing a view of risks in the education landscape from the perspective of professionals working in the sector.
The 2024 survey was conducted from 7th May 2024 to 4th June 2024, with 190 schools taking part in the survey from all seven states and territories across Australia.
Participating schools include non-denominational and religious institutions, Steiner and Montessori-led programs, as well as schools providing special assistance for students at risk.
In the report we explore the top 10 risks facing schools, here is a summary:
#1 Cyber risk
Given the rapid pace of change in technology, cyber risk measures need to be continuously reviewed by relevant staff, with board level oversight to ensure budget and resources are allocated to this high priority risk.
#2 Mental health and social media impact
Legislation relating to psychosocial hazards in the workplace and the complex challenges presented by social media are two key drivers of the risks related to mental health for staff and students.
# 3 Ability to attract and retain talent
Demand for independent school education will continue to grow. Ability to attract and retain talent will continue to be key to capitalising on this growth opportunity. The focus on talent extends beyond teaching staff to non-teaching professionals.
#4 Legislative change
Recent legislative changes have had significant operational and budget impacts on independent schools at a time of uncertainty around future government funding.
#5 Economic slowdown
A return to higher inflation in Australia has led to rising costs for the sector. Independent schools face complex financial forecasting and fee management challenges against a backdrop of financial uncertainty.
#6 Student safety
Student mental health is a major focus and challenge for independent schools when it comes to managing student safety risks. Schools are tasked with bolstering their capacity to safeguard students' wellbeing against increasingly complex harms.
#7 Allegations of child abuse
Digital platforms are amplifying the risks and complexities surrounding student abuse, whether between students or involving adults. Schools have an increased responsibility for student safety as the definitions of reportable conduct broaden and a school’s duty of care to its students is considered almost boundless.
#8 IT systems failure
An increasingly online environment heightens risks associated with the impact of IT systems failure – not only within the school network but also from third-party providers and the wider school community.
#9 Impact on brand and reputation
The presence of social media and the 24/7 media cycle means schools are more exposed to reputational risks. How a crisis is managed can 'make or break’ the degree of damage to brand and reputation.
#10 Construction risk
The financial pressures of rising costs and increased interest rates have combined to create challenges for planning and funding of capital works and infrastructure expansion. This has also placed a greater burden on contractor engagement as schools seek to manage risks of contractor insolvency.
Previous Reports
Independent Schools Risk Report 2022
Independent Schools Risk Report 2020
Independent Schools Risk Report 2018
Independent Schools Risk Report 2017
Independent Schools Risk Report 2016
Independent Schools Risk Report 2015
Independent Schools Risk Report 2014
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