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Problem: Knowing the Risks and Protecting Against Them. Solution: A Risk Assessment


9/15/14

The rise of cybersecurity and technology breaches in higher education has led to a heightened awareness of the vulnerabilities that institutions face in the digital age. Educational institutions are addressing all types of risk – including technology risk – that could negatively impact their organization. Forward-thinking institutions are identifying risks and applying controls that can mitigate such risks. The starting point for many is a risk assessment. Areas that many institutions are concerned about include:

  • Student financial assistance
  • Accreditation and academic programs
  • Construction and capital planning
  • Athletics
  • Research administration
  • Technology
     

By re-examining their risk management programs in light of the changing landscape, institutions are better able to identify areas that present the greatest exposure and risk. Conducting an enterprise-wide risk assessment is an industry best practice and is critical to establishing a risk management program. The primary goal in performing such an assessment is to identify the various inherent risks facing the organization in each area reviewed, as well as the controls established, in order to mitigate the risks. Types of risks assessed include financial, operational, reputational, and regulatory. A secondary goal of a risk assessment is to categorize the most significant risks to the organization and then design an effective risk management program.

CohnReznick provides a risk assessment methodology that leverages a multi-disciplined team comprised of assurance, tax, and advisory professionals with extensive not-for-profit industry experience. This approach allows us to provide value-added management advice on policies and procedures, business processes, industry best practices, regulatory compliance, and internal controls – all of which enable your institution to successfully meet its mission objectives.

Contact

Please contact Jim Perrino, Partner, at 646-625-5769 to discuss your enterprise-wide risk assessment goals and issues, and to obtain more information on the value-added management advice that CohnReznick can bring to your organization.

To learn more about CohnReznick's Not-for-Profit and Education Industry Practice, please visit our webpage


This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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