From 1994 until 2002, she was Provost of Yale University with operational responsibility for the University’s financial and academic programs and planning. From 2003 to 2010, Richard was the Vice-Chancellor of the University of Cambridge. During her tenure, she led several major changes in university policy, ranging from intellectual property to undergraduate financial aid, re-organized management of the University's endowment, and expanded Cambridge’s global partnerships, most notably in the US, China, India, Singapore, and the Persian Gulf. She launched and completed a billion-pound fund-raising campaign, the largest ever for a UK university.