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Standard Operating Procedures for educational institutions

12-14-2020 08:53 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: NSKT Global

SOP for universities

SOP for universities

Underlying issue:

With employees in a higher educational body come and go frequently, responsibilities are shuffled rapidly due to financial constraints or unavailability of the previous holder, or simply an expansion of the department. Lack of a centralized control system and sheer negligence also contribute to the cause. This causes fallouts or a decline in the rate of completion of the processes.

Read some the problems and solutions here

Key Problems and solutions:

Role clarity and responsibility allocation: In smaller organizations and higher educational institutes role clarity is often blurred, or simply isn’t taken care of. Duties in a department are assigned and reassigned in sessions and sometimes in between. To save cost, institutes often assign extra roles to employees, rather than hiring new people or positions, making the lines to fade and erode. It is vital to comprehend that this practice is not at all beneficial as it may increase the chances of fraud, or abuse of access. For E.g. in a payment system, one should approve the invoice, the other enters the transaction, and another review it. This process inspired by SOP introduces three levels of inspection on a slight bargain on processing time. A similar process can be utilized in the admission process, payroll process, fees, and reconciliation process to identify fallouts and revenue leakages.

Timely constraints: One of the best ways to prevent fraud or financial crisis in an educational institution is to verify that account reconciliations are done in time. Any type of financial fraud or issue is indirectly linked to untimely account reconciliation; leading to misinformation and inappropriate decisions. Unless reviewed properly and timely, the risk of error can’t be eliminated and fraud couldn’t be caught. If SOP is put in place then the account reconciliation will take place regularly, of all accounts, so forged or stale data can be easily identified and the quality of the overall process can be improved.

Centralized access: To add a dimension of supervision over the access and control of the employees in an educational institution, SOP can be utilized. This needs to be carried as the responsibilities of people change every couple of years due to the movement of people both inside and outside the institution, making older access irrelevant or leverage. If a review is not conducted each year, then the person who has left the organization will still have access, which may be misused. Thus every department in the institution should review the roles and access of its employees at least annually, indirectly assessing their performance in carrying out the responsibilities, strengthening decision making, and role endowment.

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NSKT Global
1564 Market Place Blvd Suite 400 PMB 328 Ocean Isle Beach, NC 28469
Phn:- 888 701 675
888 701 NSKT

At NSKT Global we provides the complete range of advisory services to the SMEs as well as to the established businesses. Dealing in the industry for over 10 years. In countries across globe Namely UAE, USA and India.
contact us

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