Risk Management & Audit Services Anticipated Activity Anticipated Due Date Description Start Date An annual update on the risk management program of each School/CADM unit. The detail to be reported is provided annually and 9/1/2016 typically includes an updated heat map showing risk movement from the prior year, progress on mitigation efforts for top risks, identification Institutional Risk Management 10/31/2016 of emerging risks, and key actions planned for the upcoming year. Annual Update through 11/30/16) Governance review, Reports are used in monitoring the effectiveness of the University’s Joint Committee on institutional risk management program and consolidated for Inspection, presentation to the University Risk Management December 2016 Council. (At this time, it is anticipated that verbal updates during the risk interviews will suffice). Annual interviews conducted by RMAS with selected School/CADM 10/31/2016 leadership team members for the purpose of developing RMAS’ annual internal audit and consulting plan that is submitted to the Joint Governance review of annual internal audit Committee on Inspection for approval. Discussion will include reference Risk Interviews 9/1/2016 and consulting plan: to School/CADM heat map risks in the “strengthen controls” and “audit Joint Committee on Inspection, December controls” quadrants; emerging issues (financial, operational, and 2016 compliance); new/upcoming initiatives; system and process changes; recent and impending management changes; and strategic direction. 6/30/2017 An objective and professional evaluation of a business process, department, critical system or functional operation’s internal control Governance review of audit plan activities procedures. Through these assurance and consultative activities, RMAS Internal Audits 7/1/2016 for the prior calendar year: Joint helps University leadership accomplish its objectives by bringing a systematic disciplined approach to evaluate and improve the Committee on Inspection, February 2016 effectiveness of risk management and control processes.
Risk Management & Audit Services Activity Anticipated Start Date Anticipated Due Date Description Institutional Risk Management Annual Update 9/1/2016 10/31/2016 through 11/30/16) An annual update on the risk management program of each School/CADM unit. The detail to be reported is provided annually and typically includes an updated heat map showing risk movement from the prior year, progress on mitigation efforts for top risks, identification of emerging risks, and key actions planned for the upcoming year. Reports are used in monitoring the effectiveness of the University’s institutional risk management program and consolidated for presentation to the University Risk Management Council. (At this time, it is anticipated that verbal updates during the risk interviews will suffice). Governance review, Joint Committee on Inspection, December 2016 Risk Interviews 9/1/2016 10/31/2016 Governance review of annual internal audit and consulting plan: Joint Committee on Inspection, December 2016 Annual interviews conducted by RMAS with selected School/CADM leadership team members for the purpose of developing RMAS’ annual internal audit and consulting plan that is submitted to the Joint Committee on Inspection for approval. Discussion will include reference to School/CADM heat map risks in the “strengthen controls” and “audit controls” quadrants; emerging issues (financial, operational, and compliance); new/upcoming initiatives; system and process changes; recent and impending management changes; and strategic direction. Internal Audits 7/1/2016 6/30/2017 Governance review of audit plan activities for the prior calendar year: Joint Committee on Inspection, February 2016 An objective and professional evaluation of a business process, department, critical system or functional operation’s internal control procedures. Through these assurance and consultative activities, RMAS helps University leadership accomplish its objectives by bringing a systematic disciplined approach to evaluate and improve the effectiveness of risk management and control processes.
fy17calendar_fadprocessdeliverables_final.docx