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Growth forces change throughout the University, affecting every aspect of the operation from Admissions to Registrar to Auxiliary Services - even to back-office functions such as accounting and human resources. In fact, rapid growth can force change so pervasive that it spins out of control, threatening the accomplishment of goals and objectives.
Consequently, the Internal Audit process at CNU attempts to identify risk situations in order to document the composite measures used to eliminate or mitigate them. As a starting point, we have identified five key business risks to facilitate identification of contributing factors. We recognize there are inherent limitations associated with limiting our analysis to five factors and are providing the following definitions to ensure broad based coverage:
- Customer Satisfaction
Our primary customers are the current and prospective students. To that extent, factors giving rise to services to them should be identified. Additionally, back office functions provide services not only to the student population but also to internal customers (other departments/agencies). These relationships give rise to risk, which should also be included.
- Regulatory
Not complying with Federal, State and Local laws and regulations can give rise to fines and penalties. Collegiate associations, such as the NCAA and SACS, have established rules of membership and deviation could jeopardize our desired membership status. Consequently, specific requirements should be identified.
- Financial
This is a broad classification to include the control of assets, revenue and expenses. Identification should also consider accumulation and reporting requirements set forth by the American Institute of Certified Public Accountants (AICPA) via Generally Accepted Account Principles (GAAP).
- Operational
Methods and processes used to accomplish goals and objectives may give rise to risk. Information systems (manual or automated) facilitate decision making by management and must be accurate and information updated timely. Technological advances provide opportunities that should be implemented timely.
- Security
Physical and data security processes related to information assets.
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