Higher Education Institutions Facing Growing Compliance Pressures
The Higher Education Institutions compliance landscape has become more complex in recent years, causing institutions to face a variety of new governance, risk, and compliance pressures. Challenges range from basic threat and vulnerability identification and analysis, to understanding how to deploy enterprise-wide and cost effective risk management and compliance programs.
Further complicating the risk landscape is the increasing scope and breadth of risks. Higher Education Institutions now face risks in a growing number of risk categories, each of which can have adverse financial and compliance consequences if left unmanaged. Risks are now prevalent in areas including Finance and Accounting, Research, Human Resources, Athletics, Risk and Safety, Medical, Information Technology, Academic, and Student Affairs.
Higher Education Institutions are also increasingly diverse, in terms of the number of physical locations, departments, funding programs/mechanisms, etc. This diversity causes an inherent information management gap, requiring centralized management of the risk and compliance landscape. Given the numerous risk categories that need to be managed and monitored, and the many moving parts within Institutions of Higher Education, a centralized and integrated approach to risk management and compliance is critical.
Governance Insight Provides Tools for Effective ERM and Compliance Management
Vital Insight’s Governance Insight™ platform was designed to manage the complex and diverse elements of risk and compliance into a single, centralized system. With just a few mouse clicks, institution users can access and analyze information about processes, controls, risks, policies, and key metrics. Institutions can easily track and manage compliance with multiple requirements (internal and external) throughout campuses, research institutions, hospitals, and other locations as well as across various academic departments, research programs, athletic departments, and administrative functions,
all in one system.
Our interactive dashboards and analytics provide administrators, department heads, project managers, and process owners with the ability to quickly understand and correct project delays, missed control assignments, or unresolved control deficiencies. More importantly, process, risk, and control information is available to support other key initiatives, such as internal audit programs and financial disclosure assurance.
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