Risk

OARC facilitates discussions with senior leaders and their management team to identify the most significant potential events or risks that could impact MSU’s ability to achieve its objectives.

The objectives of the risk assessment are to:

• Identify control weaknesses.
• Identify areas of noncompliance.
• Take remedial actions where needed.
• Identify potential weaknesses that need to be monitored.
• Identify targeted areas in need of assistance.
• Provide a baseline against which future performance can be measured and linked to improvement processes implemented.

Future initiatives include developing and maintaining a risk matrix to identify:  the top risks; the responsible unit; the risk owner(s), the related business processes/policies and monitoring efforts for these key risks.  An associated risk heat map will prioritize assurance activities and focus Board of Trustees engagement.