Includes Risk Management and Compliance Committee, Office of Compliance and Audit
President Cecil O. Samuelson recently announced plans to strengthen the university’s compliance structure. These plans include the establishment of a Risk Management and Compliance Committee, as well as an Office of Compliance and Audit.
Recognizing the increasingly demanding regulatory environment in which BYU operates, President Samuelson formed a task force of senior administrators in October 2004 to evaluate BYU’s compliance programs and make any needed recommendations. The task force was led by Thomas B. Griffith, former Assistant to the President and General Counsel.
Following a thorough review, the task force noted that in addition to the environmental and safety regulations impacting BYU, there are new and emerging regulatory expectations addressing, for example, the privacy and security of information, financial reporting controls and immigration law.
Among the task force’s recommendations adopted by the President’s Council in May are:
The establishment of the Executive Risk Management and Compliance Committee composed of senior university personnel and tasked with the responsibility to coordinate compliance programs on our campus;
The establishment of the Office of Compliance and Audit (previously Internal Audit Services) to provide evaluations of the university’s compliance programs; and,
The realignment of the Risk Management and Safety function to report directly to Administrative Vice President Brad Farnsworth. President Samuelson also noted that the Executive Risk Management and Compliance Committee would be chaired by the university’s General Counsel.
David Galloway, the executive director of the Office of Compliance and Audit, has been appointed the university’s compliance officer.
“These changes will help ensure the effectiveness of our compliance programs,” said President Samuelson. “At BYU we are committed to strict compliance with all regulatory requirements applicable to our campus operations.”
For more information, contact Mark Gotberg at ext. 5478.