Financial Risk Accountability Policy

Effective Date:

July 3, 2018

Supersedes:

Risk Tolerance Policy

Policy Review Date:

3 years from effective date

Issuing Authority:

Research Foundation President

Responsible Party:

Chief Financial Officer (CFO)

Contact Information:

518.434.7050

Reason for Policy

To monitor, control, and mitigate key financial risks at campus locations that could potentially have a negative impact on the financial strength of The Research Foundation for The State University of New York ("RF"), leveraging information readily available to location and Central Office departments.

To establish responsibilities for:

Statement of Policy

Financial risk by location will be evaluated by the Central Office Finance Office on a quarterly basis by use of metrics specified in the Financial Risk Accountability Procedure document.

Risk Accountability metrics will be uniformly applied across all campus locations, and multiple past periods will be considered, to reduce the impact of anomalies on risk profiles.

Responsibilities

It is the responsibility of the RF CFO to inform the RF President and the Finance Committee of the Board of Directors of the status of this evaluation process, and the status of corrective actions plans agreed to by Operations Managers (OMs).

It is the responsibility of the OM to regularly monitor the location’s Risk Accountability rating information and to formulate corrective action plans if the location is identified as having an elevated level of risk based on the metrics.

It is the responsibility of the RF CFO and President and Leadership Team, in conjunction with the Central Office Finance Office and the Office of Compliance Services, to escalate unresolved issues such as failure to enact corrective measures or Officer Accountability Policy violations relating to financial risk management.

Definitions

None

Related Information

Financial Risk Accountability Procedure

At Risk Policy

Managing Financial Risks at the RF

Officer Accountability Policy

Responsibility for Losses Policy

Forms

None

Change History

Date

Summary of Change

July 3, 2018

Policy renamed and specific measures outlined in previous Policy have been moved into a newly created Procedure.

July 2, 1008

Risk Tolerance Policy established.

 

 

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