Updated Financial Review and Control (FRC) Tool Strengthens Transaction Review Process

Publication Date
3/31/2025

VPF has introduced an updated version of the Institute’s Financial Review and Control (FRC) Monthly Review application. The updated tool, along with support materials and resources, will enhance the user experience, strengthen MIT’s transaction review process, and reduce the Institute’s exposure to risk. 

Updates include:

  • An enhanced color-coding system for transactions within the FRC application’s reports to better distinguish between transaction risk levels (more information available in Section 3 on the FRC page)
  • Updated explanation and labeling for the random sampling section for low-risk transactions that have been selected by the FRC application for review
  • Consolidation of FRC documentation and support resources on VPF’s FRC page to provide easier access to the Institute’s FRC guidance

VPF’s step-by-step guide to the FRC process contains valuable resources and community guidance on MIT’s FRC policy, helpful guides, training materials, and frequently asked questions.

For guidance on how the FRC application supports MIT’s overall system of internal controls, please visit the FRC page. If you have FRC business-related or policy questions or want to provide user feedback on these minor FRC application and documentation changes, please email vpf-frc@mit.edu for support. For technical issues related to the FRC application, please contact the IS&T Help Desk by emailing helpdesk@mit.edu or calling 617-253-1101.