April 9, 2026 - Audit & Compliance Committee, University of Minnesota Board of Regents

The University of Minnesota Board of Regents Audit and Compliance Committee met on April 9, 2026, to discuss modernization of the University's institutional compliance framework and updates on the enterprise risk management (ERM) program. Key procurement-related topics included the proposal to elevate the Chief Compliance Officer role and create a Chief Privacy Officer position to consolidate privacy and compliance functions, aiming for a more integrated and proactive compliance system. The Committee also reviewed governance restructuring, including reestablishing the President's Policy Committee and formalizing compliance partner networks and affinity groups to enhance risk identification and mitigation. Additionally, the ERM update highlighted plans to broaden risk surveys to include frontline employees and faculty, develop risk scorecards, and improve reporting cadence. The Committee discussed cybersecurity risks and the importance of ongoing updates. No specific contract awards or vendor selections were reported, but the governance and structural changes may influence future procurement and compliance oversight. The meeting concluded with standard external audit reports from CliftonLarsonAllen and no new procurement actions.