Wichita State enhances risk management with new audit initiatives and employee training

The Kansas Board of Regents meeting on November 20, 2024, featured a detailed presentation from Chris, the internal auditor at Wichita State University (WSU), focusing on the university's internal audit policies and risk management strategies. The session highlighted the importance of risk management across all university roles, emphasizing that every employee contributes to the institution's overall risk strategy.

Chris introduced a new badge course aimed at enhancing employee understanding of risk management and internal controls. This initiative, which has gained traction with notable participation from university leadership, including President Mouma, aims to foster a culture of awareness and responsibility regarding risk management throughout the campus.

The internal audit charter, which is prominently placed in WSU's policies and procedures manual, underscores the independence of the internal audit function and adherence to professional standards. WSU has recently undergone a quality assurance review, affirming its compliance with these standards and receiving positive feedback from peer reviewers.

In addressing high-risk areas common in higher education, WSU has made significant investments, including hiring a chief information security officer and a chief privacy officer, as well as enhancing conflict of interest reporting protocols. These measures are part of a broader strategy to proactively manage risks and improve decision-making processes.

Looking ahead to 2025, Chris outlined plans for continued consulting engagements across various university departments, particularly those facing financial challenges. He noted the need for additional resources in the internal audit department, which currently operates with only one auditor, a situation that arose from budget cuts in previous years.

The meeting concluded with a commitment to further promote the internal control credential program, which has seen substantial growth, and to continue enhancing the university's risk management framework. The discussions underscored WSU's proactive approach to risk management and the critical role of internal audits in supporting the university's mission.