Our client’s need
The board of trustees of a large organization expressed concern to management about whether the board was receiving information about their highest risk areas. The organization desired to objectively assess its most significant risks and ensure that risk mitigation plans were in place to address them.
Baker Tilly solution
Baker Tilly teamed with management to perform an organization-wide risk assessment. In conducting the assessment, Baker Tilly interviewed more than thirty members of the organization’s senior management, administration, and the audit committee. After performing a preliminary round of interviews, we maintained regular communication with senior management to gain a better understanding of the context for the observations gathered. We noted during the course of the risk assessment that the majority of risk mitigation strategies employed in the past had been focused on the centralized office perspective, rather than the individual departments’ perspectives. To address these areas, recommendations were developed and we continue to work with the organization to support its strategic plan and priorities.
The board of trustees gained assurance that a thorough process for assessing and addressing risks had been employed and that management and the audit committee was focused on risk areas with the highest likelihood and potential impact.