One of the main goals of Financial Compliance is to help strengthen the internal control and compliance environment at Yale. The resources in this section, and the teams that support this work, help provide reasonable assurance that the University’s internal control structure is functioning as intended, both in terms of design and operation.
To engage with this topic, consult the selection of resources in this section. For additional support, connect with the contacts or submit an inquiry to the appropriate area listed at the bottom of this page.
The Yale University Financial Compliance Office functions within the Controller’s Office and supports the University’s compliance and internal control environment. Financial Compliance performs monitoring over specific high-risk financial areas, transaction reviews, assesses risk and identifies potential gaps in our internal control framework and structure. Financial Compliance then works with departments and other stakeholders to identify solutions to any such gaps.
The Financial Compliance program is dynamic and evolving, but generally consists of:
Internal Control Framework
- Controls and Business Process Questionnaire (CBPQ)
- Lead Administrator and Senior Director Attestation
- Financial Risk Control Matrices (RCMs) and Financial Risk Assessment
Financial Compliance and Monitoring
- Financial Review Checklist certification and monitoring
- Sec.117 of the Higher Education Act (20 U.S.C. 1011f) compliance
- Quality assurance reviews over key financial data
- Financial transaction reviews
- Special projects
Internal Controls
One of the main goals of Financial Compliance is to help strengthen the internal control and compliance environment at Yale. Financial Compliance is a central resource to help provide reasonable assurance that the University’s internal control structure is functioning as intended, both in terms of design and operation.
Internal Control is a process designed to provide reasonable assurance of the achievement of objectives in the following categories:
- Effectiveness and efficiency of operations
- Reliability of financial reporting
- Compliance with applicable laws and regulations
Compliance Monitoring
- Assesses the internal controls put in place:
- Provides reasonable assurance that controls are operating as intended
- Identifies gaps/risks
- Identifies opportunities for improvement
- Identifies training needs
- Considers identified or emerging issues/risks
- Contributes to setting the tone for a strong internal control environment