Risk Management & Audit Services

The office of Risk Management & Audit Services (RMAS), through its independent appraisal functions, risk management and insurance operations, works with all levels of management, faculty and staff to improve the control environment and to identify and manage business risk. Our objective is to partner with management, faculty and staff to ensure efficiency and effectiveness of operations, safeguarding of assets, integrity of financial transactions and compliance with policies, laws and regulations. RMAS considers risk broadly and includes within its scope all activity posing financial, operational, technological, regulatory, and reputational risk to the University.

RMAS administratively reports to the Vice President for Finance and CFO. RMAS receives operating authority from and is responsible to, the Joint Committee on Inspection. RMAS meets with the Joint Committee on Inspection at least four times per year and provides an annual report on its work and the existing financial, operational, compliance and reputational risks of the University.

RMAS has full time and complete access to all University records and personnel relevant to its activities.

In the conduct of our audits, special investigations, and risk management activities, RMAS at all times complies with professional standards, ensures timely and effective on-going communications with our clients and prompt reporting. RMAS utilizes its skills and knowledge in collaboration with other University expertise to develop practical and forward looking, preventive solution. We work with management to improve controls and implement process enhancements in a way that is flexible and responsive to client needs.

SERVICE GROUPS

RMAS is comprised or four operating groups representing the independent audit functions, Compliance & Risk Management and insurance operations.

Financial/Operational Audit Group
Provides objective and professional evaluations of the University's systems of internal control through financial, operational and compliance audits.

Information Systems Audit Group
Performs specific audits of computer applications and of information technology infrastructure.

Compliance & Risk Management Group
Works with the University's Risk Management Committee to enhance the quality of compliance and to monitor the University's financial, business and reputational risk.

Insurance Department
Responsible for and administers the insurance and self-insurance plans of the University, separately incorporated entities and various affiliates

Please contact us for any assistance, consultation or services:

Risk Management & Audit Services
1033 Massachusetts Ave
3rd Floor
Cambridge, MA 02138
Main Phone: 617-495-3642
Main Fax: 617-495-5182

Gail McDermott
Director
Risk Management & Audit Services
E-mail: gail_mcdermott@harvard.edu
Phone: (617) 496-9948