In the March 2026 issue of Higher Ed Risk, AGB President and CEO Ross Mugler flagged an underappreciated institutional risk that boards and presidents need to confront, urging strategic flexibility and stronger governance. The column calls on trustees to align incentives, clarify decision rights, and prepare for shocks ranging from demographic shifts to sudden policy changes. AGB’s guidance stresses that static strategy leaves colleges vulnerable; leaders are advised to build rapid‑response mechanisms, tighten fiscal scenario planning, and foster cultures that reward disciplined experimentation. The piece is a reminder to trustees that oversight now must integrate operational agility, not just long‑range planning. Boards are being urged to stress‑test assumptions, revisit capital plans and ensure executive teams have clear authority to pivot when enrollment or revenue assumptions diverge sharply from forecasts.