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 |
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:
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.
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.
None
Financial Risk Accountability Procedure
Managing Financial Risks at the RF
Responsibility for Losses Policy
None
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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