In an age of increasing risk complexity, higher education institutions face risk in every part of their operations, including the risk of not identifying opportunities. Internal audit, compliance and enterprise risk management (ERM) play an increasingly important role in how higher education institutions manage risk. Evaluating the intersection of these functions can identify opportunities to enhance value to the organization. Rather than focusing on their differences, many institutions have begun to focus on the similarities between these important functions and leverage them to create a new paradigm for providing effective risk management across the enterprise.
Baker Tilly engaged with the leaders of seven universities to gather leading practices that support this new paradigm for developing effective ERM programs. The key takeaway from these institutions: Internal audit is aligning its activities to ERM efforts.