The Office of Audit, Compliance & Ethics (OACE) conducts annual risk assessments for the University’s Storrs, Regional, and UConn Health campuses. This formal process is intended to identify and assess risks to the University on an ongoing basis. Integral to the risk assessment process is the identification of mitigating strategies, internal controls, and monitoring processes that are necessary to reduce/eliminate unwanted outcomes, ensure compliance with requirements imposed by state and federal regulations and other accrediting organizations, and enhance the achievement of long-term University goals.
OACE initiates the risk assessment process by asking senior administration, and academic and administrative management to identify the risk areas with the highest potential impact on the mission, goals and objectives of his/her respective area, as well as the existing or planned internal controls employed to mitigate the risks identified.
Following is a Risk Identification and Assessment Survey which will provide you with a vehicle to organize and document the risk assessment for your department / unit. Please include the highest 5 to 10 risks on the worksheet in the risk area that seems appropriate, as well as the actions or processes, used or planned, to manage and monitor each of the risks identified. Common risk factors include decentralized operations, personnel changes, budgetary constraints, new systems, regulatory requirements, industry issues and federal and state legislative environment.
The information gathered will be integrated into a confidential summary document that will be provided to senior administration and the Joint Audit & Compliance Committee of the Board of Trustees. In addition, the results of this process will be used as the basis for future audit and compliance work plans.