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Policy and Documentation

A policy is a plan of action to guide decisions and actions.  Documentation is the process of recording information.

Risks:
  • The University may be liable for unforeseen risks for improper contract negotiations.
  • Problems that result from daily processing are not managed or responded to in a timely manner.
  • Reports may not go to the correct business owner.
Controls:
  • Vendor contracts should be actively monitored and renegotiated as appropriate.
  • Manual adjustments to data should be properly documented and approved.
  • System reports should be available and delivered to management within specified time requirements.