Risk Management & Compliance Services conducts work in partnership with other Institute central offices for which the subject of risk is core to their mission. Collectively these offices provide a comprehensive resource for mitigating adverse outcomes from risks, and helping the Institute take informed risks.
Office of the General Counsel
The Office of the General Counsel’s (OGC) mission is “to educate as to the laws, policies and procedures applicable to MIT's activities, to prevent legal problems and solve those that occur, to facilitate transactions, and to provide independent, timely and thoughtful advice and representation, to help MIT's faculty, administration, staff, and students fulfill their goals in teaching, research, and service.”
Risk Management & Compliance Services, principally through the Manager of Institutional Compliance, partners with the OGC and others throughout the Institute with compliance responsibilities to promote good practices and provide education and support. The Offices also share knowledge, expertise and perspectives to provide advice and support throughout the Institute on wide-ranging matters of legal and regulatory risk.
Office of Insurance
The Office of Insurance’s mission is “to protect the Institute, and its community members against risk of financial loss to property & casualty related occurrences.” The Office strives to raise awareness of proper risk assessment, loss mitigation and contractual risk transfer; it is a key component in the Institute’s overall risk management system.
Risk Management & Compliance Services partners with the Office of Insurance by coordinating approaches to existing and emerging risks where risk transfer and risk financing can effectively mitigate or reduce loss.
The Audit Division is an independent and objective assurance activity responsible for examining and evaluating internal control, risk management, compliance and governance activities Institute-wide. This is done through a risk-based program of activities, including compliance, financial, information technology and operational audits and advisory engagements. The Audit Division is distinct from the above offices in its independent reporting line to the Risk and Audit Committee, and it’s broad charge of providing assurance to Institute management and the Risk and Audit Committee of the adequacy of controls designed to mitigate risks, and the effectiveness of the overall system for managing risk as designed by Risk Management & Compliance Services. Both offices work in concert with owners and managers of risk throughout the Institute to promote risk awareness and informed risk-taking.