Internal Audit might not be the first thing that comes to mind when you think about a university, but at Rice, it plays a crucial role in keeping our institution strong and secure. Lisa Lee, Chief Audit Executive, leads this effort by fostering a culture of collaboration, learning, and transparency. With experience in both the financial industry and higher education, Lisa is shaping the future of Internal Audit at Rice—moving it from a reactive function to a proactive and strategic partner.
We had the opportunity to sit down with Lisa to learn more about her background, leadership style, and vision for Internal Audit at Rice.
Can you share a little about your background and the experiences that shaped your leadership style?
My career spans both the financial industry and higher education, where I’ve led audit teams in banks, brokerage firms, and universities—both public and private. In these roles, I worked with professionals of all levels, from paraprofessionals to certified auditors, giving me a broad perspective on leadership.
One of the key lessons I’ve learned is the importance of communication and collaboration. I strive to create an environment where every team member and partner across the university feels heard and valued. When people feel safe sharing their perspectives, we can work together to solve challenges and improve processes in meaningful ways.
Most importantly, I know that success isn’t achieved alone—it takes a strong, engaged team.
What does Internal Audit do, and what does a typical day look like for you?
Our job is to help Rice identify and manage risks related to operations, compliance, finance, and fraud. This means looking ahead to spot potential issues and working with university leaders to put safeguards in place before problems arise.
We conduct research to assess risks, meet with leadership to determine the best approach, and, when needed, help advise on solutions. These solutions could involve automating manual processes, strengthening documentation, or providing targeted training. We apply our expertise, industry knowledge, and insights from our professional networks to recommend the best course of action.
Because our work is always evolving based on the university’s needs, there’s no such thing as a “typical” day—each day brings new opportunities to learn, collaborate, and problem-solve.
What current projects are you most excited about?
Anytime our work directly supports Rice’s strategic goals, my team gets excited! One key focus is enhancing our use of data analytics and artificial intelligence to strengthen our risk assessments and make our processes more efficient.
We also love engaging with the Rice community through the STARS Program. This program allows us to share our knowledge about internal controls while also learning from the employees who manage Rice’s daily operations. It’s a great opportunity for collaboration and mutual learning.
Where do you see Internal Audit in the next five years? What’s your vision for the future?
My goal is for Internal Audit to be recognized as a trusted advisor—an essential partner in Rice’s growth and success.
To make that vision a reality, we are focusing on two major areas:
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Expanding our use of data analytics and AI – These tools will allow us to monitor risks more effectively and provide real-time insights to university leaders.
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Strengthening our advisory role – By working more closely with departments across campus, we can help identify and address risks before they become issues. Instead of only assessing what happened in the past, we want to provide guidance that helps shape the future.
Looking back on your career, what challenges have you faced, and what accomplishments make you proud?
One of the biggest challenges—and most rewarding achievements—has been shifting the perception of Internal Audit from a “fault-finding” function to a collaborative partner. When we change that mindset, we create space for open conversations and proactive problem-solving.
I’m also incredibly proud of establishing a continuous monitoring program at a previous institution—something I’m now working to implement at Rice. This program provides real-time oversight of key areas, making risk management more efficient and effective.
How do you recharge and have fun outside of work?
I love immersing myself in my Caribbean culture—it’s my way of recharging and staying connected to my roots. The music, food, and fellowship take me to another place and remind me of the importance of community. I also enjoy learning about different cultures and meeting people who share that passion.