University audits are selected through a risk assessment process. RMAS communicates with schools, departments and University management to identify and prioritize operational, financial and compliance risks to the University. The specific audit projects for the year are chosen based on these assessed risk factors. The final plan is also evaluated to ensure adequate representation of schools, departments and affiliates.
At its core, risk financing exists to address one vexing problem: how to align a company’s willingness to take risks with its ability to do so, an exercise best done within the context of one’s organizational objectives. Risk management, of which financing is an integral part, is the set of measurable and sustainable actions for reducing the effect of uncertainty on those objectives. The establishment of measurable metrics is a key step in an organization’s growth toward a fully mature enterprise-wide risk management program.
Yes, the Foreign Corrupt Practices Act applies to individuals or corporations who conduct business in a foreign country. The Foreign Corrupt Practices Act is often referred to as the anti-bribery law. Under the Act, an individual or corporation is prohibited from either directly or indirectly bribing a foreign official or foreign political office.
Yes, the Federal Civil False Claims Act applies to individuals and corporations that do business with the federal government. The Federal Civil False Claims Act is an anti-fraud law. Under the Act, an individual or corporation is liable if they knew or should have known that they submitted a false claim to the federal government.
The Harvard Risk Management Committee (RMC) provides a forum for identification, discussion and resolution of major risks facing the University. The RMC is charged by the President and Provost to provide advice on:
You have two roles in managing risk. The first role is to be aware of and understand what areas of risk are present in your current position. For example, if you manage people you need to consider employment laws, discrimination laws and union contracts. You also need to consider the University's policies and practices around hiring, firing and creating a safe work environment.
Some departments are responsible for managing specific risk areas. For example, the Office of Human Resources manages employment risks. Similarly, Environmental, Health & Safety consults on environmental risks.