Audit and Risk Management Committee

Audit and Risk Management Committee

Members of the Audit and Risk Management Committee are dedicated to understanding and analyzing accounting and finance issues, principles, and practices relevant to the College's financial affairs.

Their responsibilities include:

  1. Arranging for an annual audit by independent accountants of all the College's accounts, reviewing the College's annual audited financial statements, and recommending acceptance of these statements to the Committee, and, upon completion of the audit, reviewing separately (without management present) with the external auditors any significant issues encountered during the audit, including any restrictions to the scope of work or access to required information;
  2. Approving any non-audit services provided by independent accounting firms, which services should be provided by firms other than that providing the annual audit unless approval is given by the Audit and Risk Management Committee prior to engagement;
  3. Monitoring the internal controls of the College, including assessing the information system controls and security;
  4. Reviewing any certifications, reports, or opinions rendered by the external auditors, including an annual management letter, as well as management's response to such letter;
  5. Reviewing and approving, if appropriate, major changes to the College's accounting, reporting, and internal control practices;
  6. Monitoring risk management at the College including on an annual basis, reviewing the College's insurance coverage and reviewing risk exposure to ensure adequate coverage of key areas of risk;
  7. Monitoring Board and employee conflict of interest policies and administering an annual survey of Board members and key administrators;
  8. Establishing procedures for the receipt, retention, and treatment of any complaints regarding accounting, auditing, and internal accounting control issues, including procedures for confidential, anonymous submissions of such complaints by employees;
  9. Conducting an annual self-assessment of the Committee's work.

Committee Members

Jenny Hourihan Bailin, Chair
Sujatha Srinivasan, Vice Chair
Sohail Bengali
Rhonda Cohen
Harold (Koof) Kalkstein, ex officio
Giles K. Kemp
Lewis Lazarus
David Singleton

Staff Contacts

Rebecca Chopp, President
Sharmaine Bradham Lamar, Assistant Vice President for Risk Management and Legal Services, Director of Equal Opportunity
Eileen E. Petula, Assistant Vice President for Finance and Controller
Pamela Prescod-Caesar, Vice President of Human Resources
Suzanne P. Welsh, Vice President for Finance and Treasurer

Conflict of Interest Policies

The Audit and Risk Managment Committee monitors the College's conflict of interest policies for members of the Board of Managers [pdf] and for College employees [pdf].