Failure to consciously manage these risks can result in a lack of confidence that financial and compliance goals will be achieved. Benchmark with others in similar situations. Analyze financial data. These are transaction types that deserve a conscious risk review. In evaluating the potential impact of risk, both quantitative and qualitative costs need to be addressed.
Qualitative costs can have wide ranging implications to a university.
Exercising an employee's authority in any way that could benefit them significantly in a private financial manner. Committing the university to a course of action by contract or otherwise when such action would serve to personally benefit the individual. Many activities that might be considered normal business practices are not acceptable in the public arena that the institution operates in. The qualitative costs of a conflict of interest can be quite high. Communication Department managers need to communicate the policies related to conflict of interest to their employees and provide them with specific examples in their areas.