Yes. Educational Compliance Management (ECM) offers a comprehensive Financial Aid Department Regulatory and Operational Assessment; this proactive evaluation identifies potential regulatory liabilities and the cause(s) of processing inefficiencies. Our team of compliance professionals will conduct an in-depth review of financial aid files, policies and procedures, reports and records, identifying possible issues of noncompliance in all areas, such as budgets, file verification, awards, return of Title IV funds, disbursements, consumer information requirements, dependency overrides and other professional judgment decisions.
Following this review, we will provide a written improvement plan that includes recommendations for specific corrective actions based on best practices to reduce compliance risks, improve file processing and workflow, as well as streamline operational efficiencies. We can also be engaged to assist with implementing the plan.
We recommend that institutions request the assessment well in advance of any serious concerns to allow ample time to make any adjustments or corrections needed prior to a request from the Department of Education for an official audit.