Enterprise Risk Management & Internal Audits

Educational institutions face a business environment that is growing in scope and complexity, including increased use of information technology and increased regulatory requirements. Due to these growing challenges and demands, a traditional risk management approach is no longer enough.

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Educational institutions face a business environment that is growing in scope and complexity, including increased use of information technology and increased regulatory requirements. Due to these growing challenges and demands, a traditional risk management approach is no longer enough.

Enterprise Risk Management

Educational institutions face a business environment that is growing in scope and complexity, including increased use of information technology and increased regulatory requirements. Due to these growing challenges and demands, a traditional risk management approach is no longer enough. Organizations need to embrace a more strategic and holistic management of risk, not simply to avoid landmines, but to enable the exploration of possibilities.

Enterprise risk management helps your organization see the opportunities it can’t afford to miss—as well as the risks it needs to understand and manage. Organizations that fail to assess and plan for potential risks may open themselves up to fines, increased regulatory enforcement and tarnished reputations. Organizations that respond appropriately to the challenges will not only be more agile in managing associated risks, but also find opportunities for growth and strategic success.

At blum, our ERM team utilizes a four-step methodology to help clients create their own ERM process—looking at each client’s unique needs and developing a deeper understanding of their business, systems, external environment and organizational culture.

Phase 1: Risk Governance Structure
Phase 2: Risk Identification and Prioritization
Phase 3: Risk Mitigation and Testing
Phase 4: Risk Monitoring and Tracking

We work with our clients to build an ongoing ERM business that adds value—helping to explore “what needs to go right” and “what can’t go wrong.”

Internal Audits

Audit plans need to be carefully developed and executed by an independent group in a manner that gives directors and stakeholders confidence that progress toward compliance goals is being made. Your organization needs to be sure that potential risks are being identified and addressed—including business structure, employee behavior and information systems. Routine internal audits ensure a company’s resilience within an ever-changing and competitive business environment.

blum has extensive experience serving educational institutions as an outsourced internal audit resource. We can:

Our involvement has varied from the performance of a single project based upon an existing client work plan to a collaborative involvement where we facilitate the conduct of a risk assessment, assist management in the development of the internal audit work plan, and complete project testing.

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