Effective Date: |
October 25, 2022 |
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 |
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 all locations and Central Office departments in the Report Center.
To establish responsibilities for:
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 and available in the Report Center.
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.
The following table outlines the responsibilities with this policy.
Responsible Party |
Responsibility |
Operation Managers |
Regularly monitor the location’s Risk Accountability rating information and formulate corrective action plans if the location is identified as having an elevated level of risk based on the metrics. |
RF Chief Financial Officer |
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).
When necessary escalate risks when plans are not developed or mitigation is not achieved. |
Finance Department |
Quarterly produce the Financial Risk Accountability Report, distribute to each Operations Manager at each campus location, follow up with OMs to discuss financial risks and adopt mitigation plans and escalate risks when plans are not developed or mitigation is not achieved. |
None
Financial Risk Accountability Procedure
Managing Financial Risks at the RF
Responsibility for Losses Policy
None
Date |
Summary of Change |
October 25, 2022 |
Policy reviewed. Added reference to Report Center and added Finance department role to ‘Responsibilities’ section. |
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. |