Like many other departments across the University, the UKIA staff is modifying its operations in response to COVID-19. Effective Wednesday, March 18, UKIA employees began working from their homes. Additionally, UKIA will shift its focus to help the University minimize any emerging risks as we all adapt to this new working environment.
What is Data Analytics?
Data is all around us. It is in our cars, phones, watches and the computer systems used throughout the University of Kentucky. It enables us to do sophisticated things, such as paying for meals electronically or sending an email. Things that few people could have imagined even 30 years ago.
What’s more, the amount of data around us is growing exponentially. The problem is, all this data is virtually useless unless it is applied to a specific task. So how do we harness all that data for a useful purpose?
Connected mobile devices, including smartphones, tablets, and laptops, have become a ubiquitous presence in every-day life that offers always-on connectivity, no matter the location. In fact, 95 percent of Americans now own a cell phone of some kind, with 77 percent owning a smartphone – up from 35 percent just eight years ago.
The faculty and staff of the University of Kentucky travel throughout the Commonwealth, the United States, and the world while supporting the mission of UK. As more employees travel, the likelihood of improper activity through travel expenditures can increase.
With tightened budgets in higher education, decreased funding from the state and increased expectations for state-of-the-art facilities, the University must carefully account for every dollar no matter the source of funding. Reconciliations of University accounts are one of the most effective methods available to meet this need, yet UK Internal Audit (UKIA) has recently noted a number of units that don’t perform this essential process on a regular basis, if at all.
In the mid-1850s, at the Palace of Khorsabad in Iraq, archaeologists found a simple lock and key system which dated back to 4000 B.C.E. The lock used pins of different lengths to secure the door, and the owner would then use a key which pushed the pins of the lock, allowing entry. In this way, you could protect valuables without constant monitoring. From our earliest beginnings, humans have been trying to protect valuables from theft and destruction.
Established in 1865 as a land-grant institution, the University of Kentucky (UK) has always made serving the people of the Commonwealth of Kentucky its mission. Today, UK continues to expand its impact on the lives of Kentuckians through its extensive network of clinics, partnerships, and projects that are focused on healthcare, agriculture, education, and research services. In fact, these ancillary facilities bring the University of Kentucky – and its full range of resources – to all 120 Kentucky counties as they work to address issues of importance to all Kentuckians.
Employee Purchasing Fraud can happen at any time, in any unit. However, anyone from University administration, to a student employee working part-time can reduce the likelihood of this adverse event. There are five steps employees/units follow when engaging with a vendor, and each step has its corresponding risks and prevention methods.
Step 1: During step one, a unit determines a need for a product or service. It is here where a false vendor or need for an item could be created.
How to reduce the risk?
In-house applications, which are software applications developed by an organization for its own internal use, are becoming more and more prevalent. UKIA’s clients say it is because they “can create it themselves for less” and that “any purchased product will have to be customized and is therefore a waste of time and money.