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REVISED Overview: Case for Action
Theme 1 Champion New Governance & Business Model

UM, like most higher education institutions globally, is facing a
number of challenges. Firstly, the dynamic nature of social, political,
economic and health landscapes constitutes a stress test, as policies
and strategies must constantly adapt to changing conditions.
Secondly, UM faces direct external challenges such as the increasing
internationalisation and digitalisation of higher education. And finally,
there is the challenge of ensuring financial stability and sustainability. To
meet these challenges, UM must embrace a new model of governance.

New game-changing pathways are needed as painful austerity
measures are both unattractive to stakeholders and unsustainable in the
long run. The new enterprise model for higher education requires more
connectedness, agility and responsiveness. UM must be able anticipate
the future and integrate risk management in its governance. We also
need to shift from supply to demand creation in higher education and
be a part of wealth creation both nationally and beyond our shores.
Even the challenges we face can provide new expansion routes for UM,
especially in enabling financial sustainability.
10 Financial stability and sustainability will not only ensure UM is able
to achieve its socio-economic roles and responsibilities, but will also
allow the university to invest in future activities and other overlooked
opportunities. Therefore, in order to achieve better financial stability and
eventual sustainability for UM to remain globally competitive, it is crucial
that we diversify our income sources, generate new revenue streams,
optimise expenditure and adopt smart and streamlined business
modalities and processes. This will enable UM, as the leading public
Research University in Malaysia, to continue its role as the national
torchbearer for higher education excellence on the global stage.