Higher education continues to encounter an ever-evolving and unprecedented risk spectrum, which can threaten a college or university’s mission, fiscal position and student outcomes.
Risks such as declining enrollment, increasing costs, growing regulatory burden and rising student wellness needs and expectations require leaders to reimagine their institutional business models and transform and innovate to be resilient. Neglecting these challenges can put student success, fiscal sustainability and the institution’s reputation as risk.
Internal audit can be a powerful tool to manage an institution’s path across this dynamic landscape. In today’s world, internal audit functions have advanced to address the broader, more strategic range of risks that can compromise a college’s or university’s existence.
In this article, originally published by the Association of Governing Boards of Universities and Colleges (AGB), we outline the critical role internal audit plays in academic integrity, student health and well-being, cybersecurity risk management and inclusive excellence.