The application of risk management as a component of governance and administration has not been fully embraced in training institutions. The stage at which the concept of risk management should be applied in the traditional management system is in doubt or unclear. There is renewed emphasis by quality management standards to apply this concept in all production and service processes, therefore embedding it in the traditional quality assurance activities. It should be incorporated in the entire organization, all its parts and levels, as well as specific activities. Every institution of higher learning faces internal and external factors that impact on its ability to meet its objectives and compromise on its mission and vision. These factors in this study are referred as risks, which can affect the organization positively or negatively. The risk factors range from academic, legal compliance, financial, operational, corporate and strategic risks. A generic criterion of risk assessment is derived as outlined in several studies and standards, where they are used to guide process of risk identification, analysis, evaluation and treatment. To achieve this, several assessment techniques are employed on documented data in quality management system manuals and risk registers as secondary data and also seeking primary data where information clarification is required. It is from this data that a risk score is generated for the risk identified and ranked based on its criticality. A risk matrix is then developed to define acceptability of the risks. The risk framework is used by an organization to determine its risk appetite, prioritize decisions of mitigating risks and ensure quality service provision. This study demonstrates how risk management tools can serve as decision framework towards provision of quality higher education.