There is still a building boom in the higher education industry today. Recent statistics indicate the demand for construction labor and materials for higher education constructions projects have started to rise again. Many colleges and universities currently undergoing significant capital expansion have not seen this type of growth and development in quite some time. While many of these organization have hired some key resourced to help manager and monitor their construction programs, their infrastructure had not grown as quickly. The need for better processes and internal controls has reached a crescendo for many of the Facilities Planning and Development Departments currently in place today. The same holds true for Accounting and Finance Departments, where much of the payments of significant dollars occur.
To properly manage and monitor construction programs today, one not only needs to look at high-risk contract areas but also review high-risk processes as well. The stage of the project may dictate what is reviewed first - the contract, the process or a hybrid of both. It is important to look internally at how the organization monitors and controls high-risk areas within the contracts.