Effect of Sanitization Measures on the Financial Risk Management of Public Universities in Kenya (Published)
Public universities in Kenya are struggling to fund their core operations and at the same time respond COVID-19 at the backdrop of low operational revenue and additional demands imposed by the pandemic on all main sources of finance. As a result, the pandemic adds to the complexity of higher education by posing new financial risks prior to COVID 19. However, for the universities to thrive under these new developments there is need for robust financial risk management. This study intended to examine how implementation of COVID 19 prevention and mitigation measures has affected financial risk management of public universities, specifically, sanitization. The study adopted explanatory research design. The target population was 62 staff of Public Universities. A census study was considered. The study used both descriptive and inferential statistical analysis and data was presented both in tables and graphs. The findings indicated that technological factors accounted for 56.3% variation in financial risk management. Linear regression coefficient indicated that a unit increase in sanitization measures would results to financial risk measures to significantly increase by 0.637 units. The study concluded that Covid-19 prevention and mitigation measures significantly (P=0.000) affect financial risk management of public universities in Kenya. The study recommended that university management should offer intensive training to her employees and clearly defined structures, policies and responsibilities for managing financial risks. Successful feedback from employees would make them mindful of the financial risk in the organizations is exceptionally which will enable them to comprehend the direction on financial management.