The coronavirus pandemic represents an enterprise risk for higher education. Please contact us to discuss how Baker Tilly can help you to:
Manage risk and ensure compliance
- Evolve your enterprise risk management plans and capabilities to address the current situation and to be even better positioned for future disruptions.
- Prepare your governing board to continue to fulfill its responsibilities during this time of crisis.
- Assure required accounting and reporting mechanisms are in place.
Drive business and academic continuity
- Address the academic integrity and cybersecurity risks of increasing online courses and a remote workforce.
- Assess the sufficiency of your institution’s disaster recovery and business continuity plans.
- Ensure that your major change initiatives (such as systems implementations) continue successfully during this difficult time by employing a “project risk review” approach.
- Plan for workforce shortages because of limited contract or employee-based workforce availability (e.g., AMC and other essential functions).
Ensure health and safety
- Identify key contingencies and protocols relative to campus related incidents and responses.
- Evaluate necessary modifications to student wellness supports and critical program intersections.
- Develop a comprehensive crisis communication plan with clear escalation procedures and lines of authority.
Assess fiscal sustainability and asset management rigor
- Develop immediate and long- term financial modeling for enrollment variations, tuition/room/board refund impacts and additional costs for alternative academic delivery models.
- Identify impacts on capital projects and contracts (e.g., change orders, force majeure clause leverage), facilities use and temporary modification for quarantined space creation.
- Determine the potential, and strategy for insurance claims.
To address all of these items, effectively continue your existing internal audit program using a virtual (off-site) approach and incorporate plans for key points of IA involvement to ensure appropriate response, reporting and compliance management, and results monitoring.