As UofL Health leaders, it is critical that you have documented knowledge of how well you are controlling the risks that can prevent you from successfully meeting your objectives. The risks that can affect a business process are varied and can range from operational and manual errors to regulatory violations and financial misstatements.
To reduce the likelihood and impact of such risks from affecting your department, it is important to have strong process maturity. Some of the benefits of having a good system of internal controls and process maturity include:
- Helping protect assets and reduce the possibility of fraud
- Improving the efficiency of operations
- Increasing financial reliability and integrity
- Ensuring compliance with laws and statutory regulations
- Establishing monitoring procedures
The Internal Audit team can help you by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
We are always happy to help with any operational, financial or regulatory process or issue. Please don’t hesitate to reach out to John Fortune, director of Internal Audit, at John.Fortune@UofLHealth.org.