Though structured into four operating groups - Financial, Operational & Compliance audit (FOCA), Information Systems audit (IS), Risk & Audit Strategy (RAS), and Risk Finance and Insurance, the Risk Management and Audit Services Department (RMAS) looks at risk from a broad perspective. Its primary mission is to provide independent and objective assurance through the delivery of value-added services. Working collectively, RMAS evaluates operational practices and the control environment to advise business leaders on effective risk mitigation strategies.
Contract ConsultationsBinding agreements between parties can be written or verbal and can take many forms including bills of sale, purchase orders, real estate leases, and offers for employment. Agreements may also be in a form and format that may not, on the surface, appear to constitute a formal contract such as an acknowledgment between two researchers to maintain a degree of confidentiality when exchanging data sets. Contracts binding the University and an outside provider to perform certain services or deliver a specific item should, and typically do, contain terms and conditions that describe the obligations of each party and the process and mechanisms by which negative outcomes of the transaction will be managed. It is important that agreements be properly drafted by a knowledgeable person able to assess the associated risks and recommend modifications to assure compliance to the University’s standards and recommended practices. |
Hazard Analysis & Loss Prevention ConsultingAs part of the University’s Master Property Insurance program, all Harvard owned buildings are eligible for loss control surveys performed by a qualified engineer. These fee-based surveys are intended to assist property/facility personnel with their own overall loss control and risk mitigation efforts, and to help identify property loss exposures at each location. |
Business Continuity and Business ResiliencyPlanning for the financial consequences of a significant interruption is a key component of business continuity and resilience planning. See our guide for self-assessment and contact risk-services@harvard.edu for planning assistance. |
Building & Fixed Asset ValuationsThe Risk Financing and Insurance department can perform detailed appraisal and valuation reviews on all classifications of real and personal property. These appraisals and reviews can be used for internal cost allocations, such as risk financing and insurance premium. |
Audit ServicesFinancial, Operational & Compliance audit (FOCA), Information Technology audit (IT), Risk & Audit Strategy (RAS) |