The University of Vermont has hired a chief internal auditor and a chief compliance officer, the university announced today.
William Edward Harrison has been named chief of internal audit, reporting directly to the Audit Committee of the university's Board of Trustees. Anna Drummond is the new chief compliance officer, reporting to the university's Office of the General Counsel.
The hires are designed to enhance the financial management and compliance initiatives of the university. Once in place, Harrison will expand the size of the Office of Audit Services, which he oversees, with the addition of new auditors. Drummond's position is newly created.
Harrison's role will be to report to the board Audit Committee whether the university is in compliance with internal and external financial policies and regulations. Drummond will monitor and communicate compliance requirements affecting all areas of university programs and operations, and work proactively with administrators and staff to coordinate compliance activities, including education and training opportunities.
Harrison is currently director of Sponsored Programs Accounting at the Rochester Institute of Technology. Prior to that, from 1992 to 2007, he served as deputy associate inspector general for audit at the National Science Foundation. Among his many accomplishments at NSF, Harrison created an internal quality control system to ensure that audit reports and documentation were prepared in accordance with Government Auditing Standards and Office policy. He received his bachelor of arts degree from the State University of New York at Brockport and his MBA from SUNY Buffalo.
Drummond is currently an associate director in the Office of Investor Education at the Financial Industry Regulatory Authority, the largest independent regulator for all securities firms doing business in the United States. Previously, she was deputy commissioner of securities at the Vermont Department of Banking, Insurance, Securities, & Healthcare Administration (BISCHA) and was assistant general counsel at the department before that. She also has extensive experience in the financial services industry in the areas of compliance and education/training. Drummond received her undergraduate degree from Trinity College, University of Toronto, and a law degree from Villanova University School of Law. She also received a Masters of Law (LL.M.) degree from the London School of Economics.
"As the regulatory environment in higher education became more complex over the last decade, UVM's grant-funded research, and the challenge of managing it financially, also grew dramatically," said Richard Cate, the university's vice president for finance and administration. "In this new environment, Bill and Anna have just the experience and expertise UVM needs to continue its advance as an premier small research university. We very much look forward to welcoming them to our team."
"With Bill and Anna coming on board, UVM is well positioned to design an exemplary auditing system that can make the university a best practices institution," said Bill Botzow, Audit Committee chair. "The audit and compliance functions have a key role to play in helping the university achieve its mission of being an excellent small research university."
The university is putting in place another component of its financial oversight system that will further bolster it. Cate will take on a new role as chief risk officer, assessing risks of all types facing the university, including financial ones.
