A meeting of the Audit and Enterprise Risk Committee of the Board of Trustees convened at 9:41 a.m. Friday, April 14, 2023, in Room 326 of Stewart Center on the campus of Purdue University in West Lafayette, Indiana.

All members of the Committee were present: Vanessa Castagna, chair; JoAnn Brouillette; and Theresa Carter. Other trustees present: Sonny Beck; Michael Berghoff; Malcolm DeKryger; Mark Gee; and Michael Klipsch; Shawn Taylor participated via conference call. Gary Lehman was absent with approval in advance.

Officers and administrators in attendance were: Mung Chiang, president; Patrick Wolfe, provost and executive vice president for academic affairs and diversity; Chris Ruhl, chief financial officer and treasurer; Eva Nodine, senior vice president, assistant treasurer, and assistant secretary; Steve Schultz, general counsel; Cindy Ream, corporate secretary and senior executive assistant to the Board; and Tom Keon, chancellor, Purdue University Northwest.

I. APPROVAL OF MINUTES

Upon proper motion duly made and seconded, the Audit and Enterprise Risk Committee voted unanimously to approve the minutes of its meetings convened on October 7, 2022, and December 2, 2022.

II. APPROVAL OF INTERNAL AUDIT 2022 ANNUAL REPORT

Upon proper motion duly made and seconded, the Audit and Enterprise Risk Committee voted unanimously to approve the Internal Audit 2022 Annual Report. A copy of the report was filed with the minutes.

III. ENTERPRISE RISK MANAGEMENT PROGRAM/2023 AUDIT PLAN OVERVIEW

Committee Chair Castagna commented on the great work that Madina Sabirova, chief audit executive in the internal audit office, has done going over the Enterprise Risk Management Program. She noted that the key to this new plan is that it is embedded into daily, weekly, and monthly activities. Ms. Sabirova provided an update and shared details about the new process. She reported that it consists of four phases that are interconnected. Ms. Sabirova reported that three phases have been completed as planned. She described the program as having multiple levels that increase accountability by having designated risk areas with key risk indicators. She outlined goals for the program, one of which would be to use a data-driven approach and to be proactive in risk management and perhaps identify emerging risks on the horizon. Ms. Sabirova presented a summary of the 2023 Audit Plan noting that a risk-based approach was utilized to develop the plan. She shared that audit plan projects will focus on a more integrated audit type and approach. A copy of the presentation and supporting materials were filed with the minutes. No Committee action was required.

IV. ADJOURNMENT

By consent, the meeting adjourned at 9:56 a.m.