Board oversight of transformational projects: using project risk reviews to gain assurance and support success

Baker Tilly recently partnered with the Association for Governing Boards of Universities and Colleges (AGB) on a webinar about project risk reviews. View the recording below.

Major transformational projects (e.g., system implementations, new construction, institutional restructuring) challenge and impact higher education institutions every day – sometimes involving budget overruns, schedule delays and other resource constraints. Institutions are increasingly looking to objective resources (e.g., internal audit, independent consultants) to provide insights and assurance regarding risks to their strategic projects. A project risk review provides an objective assessment of project risks and success factors, proactively identifies risks and challenges, remediates issues and increases the overall likelihood of achieving project success.

This on-demand webinar addresses how institutions can conduct project risk reviews and highlight oversight guidance for the board and audit committee to consider while balancing the detailed review requirement needs of the project stakeholders. Throughout the presentation, the presenters share their experiences from working on large IT projects – highlighting common risks, issues encountered and lessons learned from conducting project risk reviews.

Key takeaways:

• Project risk reviews done right can provide objective advice to leadership, better transparency for stakeholders, increased trustee confidence and validation of project risks and mitigation
• Board members can play a critical role in overseeing organizational change during major transformational projects to support success and protect institutional reputation
• A project risk review approach can bolster management’s regular, proactive communication with the Board and timely, relevant progress updates

Presenters and subject matter specialists:

• Mike Cullen, CISA, CISSP, CIPP/US, Director, Baker Tilly
• Eric Wion, CPA, CISA, CISSP, Executive Director, Office of Internal Auditing, Minnesota State Colleges and Universities