new-england-higher-education-risk-management-roundtable_10-22-20

NEW ENGLAND HIGHER EDUCATION RISK MANAGEMENT ROUNDTABLE October 22, 2020, 8:00-10:00AM Microsoft Teams by Invite Only... INTRODUCTIONS - COHNREZNICKGeorge Gallinger National Director – G

NEW ENGLAND HIGHER EDUCATION RISK MANAGEMENT ROUNDTABLE October 22, 2020, 8:00-10:00AM

Microsoft Teams by Invite Only

• Logistics

• Introduction

• Roundtable Discussion Topics

̶ Enterprise Risk Management

̶ Business Continuity Planning

̶ Information Technology Strategy and Risk

̶ Workforce Challenges

̶ Board Governance

̶ Vendor Management and Third-party Risk

• Closing Remarks

VIRTUAL ROUNDTABLE LOGISTICS

• CohnReznick will act as moderator and admit guests

• Mute yourself when not speaking

• Use the Chat function for questions and comments

̶ Note that the Chat will be visible to all meeting attendees

• Use the raise hand function to indicate you would like to speak

̶ Please unclick it after you’ve been called on

PARTICIPATE!

INTRODUCTIONS - COHNREZNICK

George Gallinger

National Director –

Governance, Risk,

and Compliance

Thomas McDermott

Director – Cybersecurity, Technology Risk, and Privacy

Allison Guttenplan

Manager – Governance, Risk, and Compliance

INTRODUCTIONS - INVITEES

Albertus

Magnus

College

Assumption College UniversityBay Path Connecticut College UniversityFairfield Goodwin College

Johnson &

Wales

University

Mitchell College Quinnipiac University Rensselaer at Hartford Sacred Heart University Springfield College

Trinity College University of Bridgeport University of Hartford University of New Haven University of Saint Joseph UniversityWesleyan

Western New England University

Worcester State University Yale University

ENTERPRISE RISK MANAGEMENT (ERM)

• Formalized program, maturity, and

evolution

• Governance and culture

• Risk assessment

̶ Various perspectives – financial, regulatory, operational, reputational

̶ Identification and prioritization

• Mitigation plans

• Use in strategy/objective setting

• Current risks

̶ Reduction in enrollment and revenue

• International students

• Auxiliary revenue

̶ Costs of remote and/or on-campus learning

̶ Need for refunds

̶ Change in government funding programs and/or regulations

̶ Liquidity scenarios

̶ Fundraising levels

BUSINESS CONTINUITY PLANNING (BCP)

• Lessons learned

• Shared ownership and execution

• Business impact analyses

• Importance of testing/tabletop exercises

• Alignment with Disaster Recovery Planning (DRP)

INFORMATION TECHNOLOGY STRATEGY AND RISK

• Management and governance

• Incorporating into ERM

• Remote learning

• Cybersecurity

̶ Remote environment

• User access

• Data privacy

WORKFORCE CHALLENGES

• Remote workforce models

̶ Effect on interim internal controls

• Changes in organizational structure or roles/responsibilities

• Real estate footprint impact

̶ Impact on technology strategy and risk

BOARD GOVERNANCE

• Proper division of oversight

• Board’s role in ERM and strategy setting

• Engagement and communication

VENDOR MANAGEMENT AND THIRD-PARTY RISK

• Maintaining internal controls

• Conflicts of interest checks

• Vendor financial vetting and monitoring

̶ Key vendors

̶ New vendors

• Anti-fraud controls in procurement and AP

CLOSING REMARKS

• Risk management

• Internal audit

• Communication with all stakeholders

• What do you want to hear more about in future programming?