What is our mindset?
| Risk-based | We consider risk to the university in all of our work. |
| Aligned Strategically | We coordinate our work with many stakeholders up, down, and across the organization, ranging from unit personnel, department leaders, Deans, administrative leaders, Executive Council members, and the Board of Visitors, to ensure our work considers the university’s strategic plan and its governance, risk management, and control processes. |
| Systematic and Disciplined | We employ a standardized audit process in our work. |
| Objective | We perform our work with an impartial and unbiased mindset. |
| Independent | We report functionally to the Audit, Risk, and Compliance Committee of the Board of Visitors and administratively to the University President. |
What are Governance, Risk Management, Control, and Compliance Processes?
| Governance | The framework, policies, procedures, practices, and relationships through which the Board oversees the university and ensures accountability, fairness, and transparency in the university’s relationship with stakeholders. It provides the structure through which the university’s objectives are set, the means of attaining those objectives are determined, and performance is monitored. It involves tone at the top, setting of ethics and performance expectations, and information flows which allow for effective monitoring. |
| Risk Management | The process and practices to identify, assess, manage, and control potential events or situations to provide reasonable assurance regarding the achievement of the university’s mission and objectives. |
| Control | Any action taken by management, the board, and other parties to manage risk and increase the likelihood that established objectives and goals will be achieved. Management plans, organizes, and directs the performance of sufficient actions to provide reasonable assurance that objectives and goals will be achieved. |
| Compliance | The process and practices to identify, assess, manage, and control university activities to provide reasonable assurance regarding compliance with laws and regulations. |
What are the objectives of Governance, Risk Management, Control, and Compliance processes?
Governance, risk management, control, and compliance processes are designed to achieve the university’s mission and objectives related to:
- Achievement of the university’s strategic objectives.
- Reliability and integrity of significant financial and operational information.
- Effectiveness, efficiency, and economy of operations and programs.
- Safeguarding of assets.
- Compliance with applicable laws, regulations, policies, procedures, and contracts.