The Compliance and Risk Management department is dedicated to providing NOVA management value-added services through independent and objective monitoring, auditing and investigative activities. These services assure senior management that risks throughout the College are appropriately addressed.
The Compliance and Risk Management department determines whether NOVA's internal control, risk management and governance process, as designed and operated by management, are adequate and functioning in a manner to ensure:
- Risks are appropriately identified and managed.
- Interaction with the various governance groups occurs as needed.
- Significant financial, managerial and operating information is accurate, reliable and timely.
- Employees’ actions are in compliance with policies, standards, procedures and applicable laws and regulations.
- Resources are acquired economically, used efficiently and adequately protected according to established procedures.
- Quality and continuous improvement are fostered in the organization’s control process.
- Significant legislative or regulatory issues impacting the organization are recognized and addressed appropriately.
In addition, the Compliance and Risk Management team is responsible for ARMICS testing, conducting an annual risk assessment and reviewing and investigating suspected fraudulent activities within NOVA. It is essential that our team maintains our independence in order to accomplish our purpose. Therefore, our department reports functionally to the Compliance and Risk Management Committee and administratively to the President.