Mitigating R Risk a and I Instilling E Ethics through C Complian ance Thur hursday, O October 25, 25, 2018 2018 9: 9:15 15 AM t M to 10: 10:15 15 AM Dr. DeRionne P. Pollard, PhD Kenneth Hoffman, MD Benjamin Wu President Trustee Trustee Victoria Duggan Leslie Levine, PhD Chief Compliance, Risk, Trustee & Second Vice Chair and Ethics Officer
Ses essio ion Focus an s and O Outcomes During the presentation we will discuss the: • Leading practices when • Compliance, Risk and Ethics establishing a compliance office, office’s role in enabling effective including the benefits, trustee governance challenges and long range rewards • Various compliance and risk • Roles and responsibilities of a management components and contemporary Compliance, Risk models, and share the pros and and Ethics Office cons of each model
MONTGOMERY C COLLEGE At-a-Glance
5
German antown C Campus 6
Rockville Ca Campus 7
Takoma P Park/S /Sil ilver S Sprin ing C Campus 8
ABOUT M MONTGOMER ERY C COLLEGE Board of Trustees and the President
Montgom omer ery Colle llege: B : Board of of T Trustees OFFICERS Mike Knapp Gloria Aparicio Dr. Les Levine Blackwell Dr. Ken Hoffman Marsha Suggs Dr. Michael Brintnall Bob Hydorn Ben Wu Bob Levey Smith Board website
Montgomery College President • Appointed August 2010 • The Board’s only employee President’s website
ABOUT M MONTGOMER ERY C COLLEGE Compliance, Risk, and Ethics Program
Compliance a ce at Montgom omer ery C Colleg ege
Components of of a Com ompli liance P Prog ogram
Establishing a Compliance Office Higher Education is one of the most regulated industries Leading Practices Benefits and Challenges • Identify an office or employee for • The Board and the President have a oversight of all regulatory compliance dedicated resource for oversight on compliance risks • Empower the compliance function to • There is definition on roles and report directly to the President with a dotted line to the Board responsibilities in the many compliance responsibilities • Escalate compliance risk and monitor • Provides compliance oversight versus mitigation toward an acceptable risk level actual compliance activities
Role oles a and R Responsib ibil ilitie ities of of a Contem empor orary Compliance, ce, Risk, , and E Ethics O Office • Identify laws and regulations the institution is responsible to follow • Identify who is responsible and accountable for specific compliance requirement • Identify specific date driven requirements • Determine above acceptable compliance risk • Recommend mitigation plans for implementation • Track progress toward mitigating compliance risk • Communicate risk status to upper management; escalate concern as needed • Develop standards with policies and procedures • Train and inform employees regarding compliance requirements
Compliance, ce, Risk, , an and E Ethics s Of Office’ ce’s R Role in Enab abling Effecti ective T Trustee ee Go Gover ernance ce Objectivity and Transparency Compliance Officer’s Reporting Line to the Board • Allows the escalation of risk concerns • Risk awareness to the Board, that could to the Board for their awareness and impact the institution’s ability to meet it’s action mission, is clearly communicated. This allows the Board to best plan and prepare • Prevents potential reservation by to manage risk, increasing the odds of College leaders to communicate “bad institutional success. news” to the Board • Protects the compliance officer
Risk Managem emen ent Model els: D Decen entr tralized ed • Decentralized compliance function, no specific compliance resource is identified • Compliance oversight is the responsibility of multiple people
Risk M Managem emen ent M Model els: C Centr tralized ed • Central compliance office • Reporting directly to the President and the Board of Trustees, or • Reporting to another suitable office, such as the General Counsel or Chief of Staff
Risk M Management M t Mod odels ls: E : Enterpris ise • From compliance risk to ALL risk management: technology, financial, human capital, reputational, etc. • How much risk is the institution willing to take? • What are we doing about the risk? • How well do we manage the risks?
Qu Ques estion ons
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