Dr. Kimbrough responded to Board inquiries regarding Board involvement in the risk assessment process
VI. Informal Discussion of Risks by the Audit Committee (This discussion is required by the new Risk Assessment Policy)
Regent Willis deferred to Dr. Kimbrough to discuss the fraud and other risks in response to the new Risk Assessment Policy.
Dr. Kimbrough then opened it up to the Audit Committee for ideas and questions. The Committee then engaged in an informal discussion on risk assessment and identification.
Regent Willis stated that it would help the Audit Committee if we would prioritize the listing. He stated there still seemed to be somewhat of a gap in communicating the high risk areas to the Committee.
Dr. Sias stated that a Director of Compliance has been identified. The new Director of Compliance is Dr. Ivory Griskell.
Regent Willis commented that it's part of the process for the committee to get up to speed on risk.
Regent Bearden raised a concern regarding KSU's readiness to prevent Internet Fraud.
Dr. Sias stated that KSU had just purchased a software program (Dragon) which will notify the IT staff if someone is trying to illegally download music or movies. The software will identify the perpetrator so that this violator will be subject to disciplinary action. She also continued in stating that additional measures were being taken to prevent any KSU employee from misusing state-owned computers. KSU has purchased $25,000 in software for this particular area as it relates to spam.
Dr. Kimbrough concluded the discussion for the need to review student financial aid issues.
Action: Motion to adjourn by Regent Lane, seconded by Regent Turner. Meeting was adjourned at 12:57 p.m.
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