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Florida Board of Governors

Florida Board of Governors . The Value of an Effective Compliance Program November 3, 2010. Value of an Effective Compliance Program. Measuring Success. Why Measure Compliance? Increased Scrutiny on Boards and Governance Effort Proliferation of Laws and Regulations

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Florida Board of Governors

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  1. Florida Board of Governors The Value of an Effective Compliance Program November 3, 2010

  2. Value of an Effective Compliance Program Measuring Success • Why Measure Compliance? • Increased Scrutiny on Boards and Governance Effort • Proliferation of Laws and Regulations • Increased Fines/Penalties for Noncompliance • Increasing Complex Environments/New Threats

  3. Value of an Effective Compliance Program Measuring Success • Audits by Third Parties • Survey of Board Effectiveness • External Quality Assessments of Compliance Program – Institute of Internal Auditors • Develop and maintain a quality assurance and improvement program • Periodic assessments, ongoing monitoring, and compliance assurance

  4. Value of an Effective Compliance Program ValueProposition • Robust Compliance Program = Internal Controls to ensure Compliance with laws and regulations • Promotes efficient and collaborative compliance activities • Minimizes instances of noncompliance • Reduced fines/penalties if instances of noncompliance are detected • Early identification of systemic compliance issues • Enterprise view of compliance

  5. Establishing a Framework for Identifying Adverse Trends • Develop Summary of Lessons Learned and Risk Issues • Develop A Dashboard of Early Indicators • Identify and report high risk areas, audit trends and University financial trends to the Board of Governors • Recommendations that allow management to benchmark and monitor and mitigate shared risks - system wide

  6. Trend Analysis – Example #1 #2 #3 #4 #5 #6 #7 #8 #9 #10 #11

  7. Trend Analysis - Example A133 Audit Issues

  8. Value of an Effective Compliance Program The Next Level: Enterprise Risk Management Managing Risk Before It Manages You • Provide reasonable assurance that potentially significant risks have been identified • Strategic level objectives linked to controls • Key decisions are being made with the evaluation of risk/reward tradeoffs • Risks are managed on an aggregate basis • Individual universities across the system are managing risks in the same manner

  9. Thank You! Thank You! Contact Information Thomas M. King CPA Vice President – Florida Market Leader (904) 208-5660 Tking@AccretiveSoluitons.com 9

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