Case study: subrecipient risk assessment in action
A research organization was looking to strengthen its internal controls over subrecipient risk assessments and subrecipient monitoring to meet compliance with sponsor and federal regulations and requirements.
Baker Tilly solution
Baker Tilly was engaged to conduct a comprehensive review of the organization’s sponsored research infrastructure. As part of the review, Baker Tilly reviewed risk management policies and procedures currently in place to identify and mitigate risks when evaluating partners’ eligibility. Key process owners were interviewed, and documentation was reviewed to determine risk appetite, current policies and procedures in place and determine roles and responsibilities.
Baker Tilly identified gaps within the client’s policies and procedures. Our review noted that the organization's risk management process did not have clearly defined roles and responsibilities, and inadequate controls were in place to identify and mitigate risk. Our team provided recommendations and enhancement opportunities to not only strengthen their risk management process to achieve compliance with federal regulations, but also be positioned to identify and mitigate risks associated with subrecipients in a prompt manner.
For more information on pre-award subrecipient risk assessments, or to learn more about how Baker Tilly’s higher education internal audit specialists can help your institution, contact our team.