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CUAV Conference Risk Assessment May 18, 2015
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Risk Assessment Definition: “The identification, evaluation, and estimation of the levels of risks involved in a situation, their comparison against benchmarks or standards, and determination of an acceptable level of risk.”
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Steps in Performing Risk Assessment:
Identify events that could affect achievement of organizational goals Review strategic plan Determine risk tolerance Assess likelihood and impact of risks Bring it all together and report out Continuously monitor and adjust throughout the year
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Risk Assessment Key Considerations: Internal controls
Data management and security Changes in operating environment New personnel New technology
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Risk Assessment Key Considerations:
New business models, products or activities Organizational restructuring or expanding operations Regulatory requirements Fraud
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Assessing Likelihood and Impact of Risks:
Risk Assessment Assessing Likelihood and Impact of Risks: Interview Select Board Members Senior Management Key Managers Review Documentation Policies and Procedures Organizational Structure Identify Key Processes Key Risk Areas Key Compliance Reqs Assess Inherent Risk Control Risk Residual Risk
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Challenges / Pitfalls:
Risk Assessment Challenges / Pitfalls: Treating it like a project, instead of continuous process throughout the year Not realizing the value of the process Poor communication of results Poor identification of next steps Amount of information gathered is difficult to interpret and use Risk assessments are stale, same results every time
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Benefits / Opportunities for Value:
Risk Assessment Benefits / Opportunities for Value: Prioritization of risks; ranking of High, Med, Low Ability to view and manage risks that span multiple business or functional areas Can detect changes that may impact the overall environment and get ahead of them Organizational commitment and cooperation Collaborative risk discussions
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Detailed Risk Assessment Example
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Association of College and University Auditors Risk Areas
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Risk Assessment Alumni Affairs and University Relations
External Services Stakeholder Relations Asset and Risk Management Emergency Preparedness Environmental Health & Safety Endowment & Development Auxiliary and Service Departments Athletics (NCAA) Police Auxiliary Enterprises Administration Recreation & Athletic Centers Bookstore Service Centers‐‐Auxiliary Housing Special Events Center
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Risk Assessment Financial Management Governance & Leadership
Legal Strategic Management Accounting Closing Process Accounts Receivable Expenses Accounts Payable Financial Reporting Capital Assets Payroll Cash Handling & Management Revenue
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Risk Assessment Hospital (Medical Center) and Patient Care
Human Resources Benefits Other Human Resources Information Technology Charge Capture & Collection Hospital Human Resources Compliance Patient Care Hospital Building & Facilities Patient Information & Privacy Hospital Equipment & Supplies IT Admin Support IT Development & Research IT Customer Service IT Operations IT Data Security IT Strategic Planning & Governance
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Risk Assessment Instruction and Academic Support
Plant Operations and Maintenance Purchasing & Warehousing Academic Administration Course & Curriculum Development Academic Records Management Instruction Academic Reporting International Affairs Academic Support Building Maintenance Motor Pool Custodial Services Physical Plant Administration Landscape & Grounds Utilities Major Repair & Renovation Inventory Management Receiving Procurement Vendor Management
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Risk Assessment Research and Development Student Services Compliance
Pre-award & Award Acceptance Conflicts of Interest Research Administration Facilities & Equipment Research Financials Grants Accounting Research Quality Human Subjects & Animal Research Research Safety Research Security Intellectual Property Trademarks Admissions Health Services Counseling Services Registration Dining Student Centers & Activities Enrollment Management Student Judicial Affairs Financial Aid
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Questions? Ben Sady 804.474.1267 ben.sady@dhgllp.com Chris Kalafatis
Risk Assessment Questions? Ben Sady Chris Kalafatis
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Appendix: DHG Risk Advisory Service Lines
FINANCE & PROCESS TRANSFORMATION PROCESSES, PROCEDURES & CONTROLS Process Mapping and Documentation Process and Procedure Optimization / Improvement Project Management Remediation Support Data Analytics Policy and Procedure MERGERS & ACQUISITIONS Business Integration Services Due Diligence IPO Readiness Legal Entity Restructuring and Rationalization M&A Regulatory Filing Support Technology Solutions IT OPERATIONS & STRATEGY IT Strategy and Planning IT Operational Gap Analysis Benchmarking TECHNOLOGY SOLUTIONS Business System Reviews System Implementation Support IT Compliance IT SOX / ARMICS SAS70 / SSAE16 / SOC HIPAA / HITECH PCI ISO Consulting INFO SEC AND RECOVERY Penetration Testing Information Security Reviews DR / BCP Services Computer Forensics / Incident Response Services INTERNAL AUDIT & COMPLIANCE Internal Audit Co-Sourcing / Outsourcing Risk Assessment Services Operational Audits IT Audit Services IA Transformation Audit Committee Advisory QAR - Quality Assurance Fraud Risk Management Compliance Financial Controls / ARMICS / SOX Compliance Compliance Program Development Contract Recovery Audits Vendor Management Assessments and Consulting STRATEGY, GOVERNANCE, IMPLEMENTATION & TESTING Regulatory Strategy and Risk Policy Regulatory Policy & Procedure Development & Implementation Regulation Assessments REGULATORY SUPPORT & RESPONSE Regulatory Finding Response and Support RISK MANAGEMENT ERM Target Operating Model Risk Appetite Statement Stress Testing Model Risk Management Risk Policy / Procedure Development & Implementation Regulatory Solutions & Risk Management
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