IACA believes that education and training are vital to a healthy control environment. Therefore, IACA staff provides training sessions on various topics to RIT employees throughout the year including Internal Controls and Fraud in the Workplace and Unit-Level Risk Assessment.
Internal Controls and Fraud in the Workplace:
All RIT employees need to be aware of the business risks in their area of responsibility. To help mitigate those business risks, each division, college, and department is responsible for establishing and maintaining effective business practices and internal controls. To assist the University in achieving its objectives, it is vital that a strong internal control environment exists in all aspects of the RIT Community. One result of weak or broken internal controls is Fraud. Occupational fraud can be found in any workplace. Whether an organization is a non-profit entity such as a university, or a large for-profit corporation, fraud has occurred and continues to occur. This combined topic class will provide you with the knowledge to understand how good internal controls can help prevent fraud from occurring in your area of responsibility. During this class, the importance of, components of, and the responsibility for establishing and maintaining effective internal controls will be discussed. Various examples of what can happen when controls are non-existent or broken (i.e., fraud) will be shared throughout the class.
This training session is part of the required classes for obtaining the Track I, Accounting Practices, Procedures and Protocols Certificate of Completion and is offered through RIT's Center for Professional Development.
Unit-Level Risk Assessment:
Traditionally, risk is often thought of as something to be avoided. However, given that value is a function of risk and return, strategic-minded managers do not necessarily strive to eliminate risk or even to minimize it. Rather, these managers seek to manage risk (both exposures and opportunities) across all parts of their organization so that, at any given time, they incur just enough of the right kind of risk to effectively pursue strategic goals.
The first step towards successfully managing risks is to implement an effective risk assessment methodology. Risk assessment is a systematic process for identifying and evaluating both external and internal events (risks) that could affect the achievement of objectives, positively or negatively. During this class, we will discuss the key components of an effective risk assessment process and how to integrate it into the business process to provide timely and relevant risk information to management.