Visual Risk IQ Solutions for Higher Education and State Government

Our experience, cutting-edge software tools, and expertise in the field of CCM-T have made the Higher Education and State and Local Government sectors a growing practice area for Visual Risk IQ. Outlined below are the interlocking approaches that make implementation of CCM-T software in Higher Education and State Local Government uniquely powerful, profitable, fast and easy to accomplish.

 

 

"VRIQ's implementation paid for itself within three weeks of the process beginning, and has dramatically improved our internal controls environment. They were a tremendous resource for us."

Comptroller at a leading research university

 

 

 

Modular Approach

Similar to solutions described for commercial clients, Higher Education and State and Local Government systems can include some or all of the following modules:

  • Payments, including Duplicate Pay, Contract Compliance, and Spend Management
  • Card Spend, including Travel and Entertainment and Purchasing Card Spend
  • General Ledger Journal Entries, including SAS 99 anti-fraud review
  • Order-to-Cash, including revenue leakage and revenue assurance
  • Post-Awards Grants Compliance

In addition to the modules identified on VRIQ for Industry, our higher education and state governmental solutions accomplish additional, sector-specific goals for our clients. These additional modules are:

  • Financial Aid Compliance
  • ARRA Grant Reporting

Each module is described in detail below. The diagram represents an overview of how a CCM-T system operates.

 

 

The "Platform" represents a processing engine, a sophisticated standalone system (i.e. no installation on your own software platforms is required) that takes data feeds from all over your organization - from almost any system, in any format - and monitors and analyzes them to identify potential issues.

Like in the Solutions for Industry, the platform takes data feeds from the following sources:

  • Enterprise Resource Planning (ERP) systems (e.g., Oracle, PeopleSoft, Lawson, SAP, etc.)
  • Student Information Systems, such as SunGard's Banner
  • Grants and Contract systems, whether they are modern or legacy systems
  • Exterrnal databases, including Federal and State debarred Vendors Lists
  • Homeland Security Terrorist Watchlist
  • World Bank Debarred Vendors List

It then compares them in multiple ways, generally daily, to determine if pre-defined or customized criteria have been met. For example, a very common and effective test in the Higher Education and State and Local Government environment involves testing the current payroll, expenditure, or GL journals against a line item budget of a grant or contract, to ensure the charge is valid and should be allowed by the Grantor.  The CCM-T engine compares all pending payments with every other payment, invoice, and journal in your system in various ways to determine if it is valid and should be allowed according to the rules for the specific grant or contract.


Higher Education Module #1: Post-Awards Grants Compliance

Visual Risk IQ has developed a standard suite of rules or queries that help your institution maintain compliance with various grants and awards that fund your research activities. This library of tests can be used to support the validity of cost charges, effort reporting, and expenditures against specified grants and contracts.  By providing more frequent analysis of payroll and expense charges, including cost transfers, a University or State Agency can ensure compliance and also reduce the labor needed to properly account for allowable, reimbursable research costs. 

 

 

 

Higher Education Module #2: Financial Aid Compliance

Many institutions of higher education struggle to maintain continuous compliance with various grants, awards and loans given the difficultly they have in getting disparate systems to communicate efficiently. Visual Risk IQ's systems and processes allow us to use data feeds from your enrollment and financial aid systems to produce a standard suite of tests that alert you immediately if grant, award or loan conditions are violated, or when certain conditions are met that allow improvement of a student's financial aid package.

 

 

Future Higher Education and State Government Modules

Reporting for grants and contracts is only growing more complex, given the transparent reporting requirements required by the American Recovery and Reinvestment Act (ARRA).  Because of the highly open architecture of our CCM-T platform and our solutions for Higher Education and State and Local Government, it can be customized to streamline the reporting and workflow requirements of ARRA reporting.  These solutions are currently being developed and tested.