To safeguard financial assets, universities and corporations alike invest in internal control processes that measure risk and encourage ethical decision-making and operational effectiveness. For finance major Robert Hager, the opportunity to learn and contribute to Cornell’s internal control processes felt more like a privilege than a summer job.

“A lot of my projects focused on how a central function can create better internal controls across units,” said Hager, a senior at the State University of New York (SUNY) Geneseo. “At the start of my program, I read through the entire Committee of Sponsoring Organizations—COSO—framework that Cornell’s Financial Operations team uses to design, implement, and conduct proper internal control across the university. Using the COSO framework, along with analyzing risk, I was able to help the team identify areas of concern and find ways to improve these areas moving forward.”

Among the most significant tasks Hager tackled this summer was analyzing and compiling risk assessments from various operating units and colleges across the university—an essential project for strengthening Cornell’s internal controls.

“Each unit is required to conduct a detailed risk assessment, outlining potential risks, rating their severity, and proposing controls to mitigate them,” Hager said. “My task was to analyze these assessments, highlight the most significant areas of concern, and aggregate the data into a comprehensive report.”

Guided by the COSO Internal Control framework, Hager identified key risks such as Accounts Receivable monitoring, conflict of interest disclosures, inventory management, and procedural documentation for procurement. “The resulting report provided the Financial Operations team with a focused overview, laying the groundwork for future risk mitigation efforts by furnishing clear insights into where to concentrate their resources and efforts,” he added.

In addition to the risk assessment project, Hager contributed to the university’s financial reporting process. As part of the fiscal year 2024 audit preparation, he worked on transferring essential information from Cornell’s 2023 financial statement disclosures checklist to the updated 2024 version. “This involved analyzing footnotes from past financial statements, which significantly enhanced my understanding of financial disclosure requirements,” Hager said. “By completing this work, I was able to ease the burden on the General Accounting team, ensuring a smoother audit preparation process.”
The summer internship covered a lot of ground, and the work was intense, but Hager gained expertise and technical skills in risk management and financial reporting, as well as a deeper appreciation for the collaborative spirit that drives successful teams.

“The Financial Operations and General Accounting teams fostered a strong sense of community, even for those of us working remotely. Everyone was incredibly supportive and always ready to help. Seeing how these teams work together so seamlessly, despite the challenges of remote work, was inspiring,” he said.

Hager discovered the internship through Cornell’s Alliance for Diversity and Inclusion (ADI) Student Intern Program and offered advice for the next cohort of interns: “Make the most of every day, as the weeks fly by. Build solid relationships with your supervisors and teammates—those connections are invaluable. And don’t be afraid to ask questions. Internships are about learning, and it’s okay not to know everything right away.”

For candidates navigating the application process, Hager emphasizes the importance of authenticity. “Be genuine in your applications and seek feedback from trusted mentors. Show who you truly are and how much you can contribute.”