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Risk Assessment

Risk Assessment. Office of the Controller July 23, 2004. Today’s Agenda. Risk Assessment Framework Where Can Risk Occur? Department Concerns Campus Processes Scenario. Achieve Acceptable Level of Exposure. Understand Objectives. Understand Risks. Manage Risks.

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Risk Assessment

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  1. Risk Assessment Office of the Controller July 23, 2004

  2. Today’s Agenda • Risk Assessment Framework • Where Can Risk Occur? • Department Concerns • Campus Processes • Scenario

  3. Achieve Acceptable Level of Exposure Understand Objectives Understand Risks Manage Risks What are you trying to accomplish? Where the efforts are focused What gets in your way of achieving your objectives? Challenges or obstacles that could impact your objectives What are you doing to manage this? Current control activities to manage risk What is your level of exposure? Finding the right balance of controls Framework for Management of Risk

  4. Discussion Item #1 Objective: Doing a successful presentation. • What are the risks?

  5. Risk Assessment Components • Objectives • Risks • Managing Risk • Evaluating Risk • Improvement Opportunities • Monitoring

  6. Where Can Risk Occur? Processes & Systems Risks Measurement & Information Financial Objectives People Risks Materials, Facilities, Equipment Environment Risks

  7. People Risks • Ethics, culture, values, tone at the top • Training • Safety and security

  8. Environment Risks • Legal • Suppliers • Natural • Political • Competition

  9. Measurement and Information Risks • Timeliness / reliability / accuracy • Security • How we assess results • Availability / relevance

  10. Processes and Systems Risks • Policies and procedures • The way we conduct business • Security access • System design

  11. Materials, Facilities, and Equipment Risks • Quality, cost, delivery, and development • Availability • Technology / Obsolescence • Energy Consumption

  12. Department Concerns • Where is risk likely to occur? • What concerns do I have? Why? • How are those concerns managed?

  13. Discussion Item #2 Objective: Proper handling of cash. • Risks: Inadequate training Lack of adequate safeguards Lack of individual accountability Lack of separation of duties • What are the consequences? • What are the controls in place?

  14. Voting • Is the current process acceptable, acceptable with exposure, or unacceptable?

  15. Next Steps • For those processes determined to be Unacceptable, determine Improvement Opportunities • Establish a timeline • Monitoring

  16. Campus Processes:Are There Risks? • Form 5s • Payroll • Travel • Purchasing • Cash

  17. Scenarios Perform a risk assessment using one of the following objectives: • Ensure employees are paid timely and accurately. • Ensure Form 5s are processed according to policy. • Ensure equipment purchases are done according to policy..

  18. Scenarios Perform a risk assessment using one of the following objectives: • Ensure purchases using the LVPA are done according to policy. • Ensure data integrity of financial information. • Ensure travel vouchers are processed according to policy.

  19. Questions?

  20. THANK YOU!

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