USF System Compliance & Ethics Program. Risk Assessment Process. Enterprise-Wide Risk Assessment
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1 USF System Compliance & Ethics Program Risk Assessment Process Enterprise-Wide Risk Assessment
2 Risk Assessment Process Risk Assessment: A disciplined, documented, and ongoing process of identifying and analyzing the effect of relevant risks to the achievement of objectives, and forming a basis for determining how the risks should be managed. Monitoring Control Activities Risk Assessment Control Environment
3 Measurement-driven approach Focus on identifying key risk factors Understanding their materiality and probability Manage the most material risks Process-control approach Approaches Focus on key business processes Manage risk events by achieving consistency and limiting surprises
4 1. Identify relevant risks. 5 Step Process 2. Assess likelihood and impact of risks identified. 3. Determine risk response. 4. Identify control activities that are needed to help ensure that risk responses are carried out properly and timely. 5. Establish procedures to monitor attainment of goals and identify residual risks.
5 1. Identify relevant risks: Process: Identify Risks Obstacles to achievement of goals Limited resources Decentralized systems High turnover Low salaries Outdated policies and procedures Management with limited financial background Employee resistance
6 1. Identify relevant risks. Process: Assess 2. Assess likelihood and impact of risks identified. 3. Determine risk response. 4. Identify control activities that are needed to help ensure that risk responses are carried out properly and timely. 5. Establish procedures to monitor attainment of goals and identify residual risks.
7 Process: Assess 2. Management assesses risk from two perspectives: Likelihood probability of occurrence Impact severity of consequence A combination of two methods is normally used: Qualitative methods - Nominal and ordinal measurement Quantitative methods - Interval and ratio measurement
8 Process: Assess Likelihood - Qualitative technique: Ordinal measurement - Events are listed in order of importance - High, medium, low or certain, possible, rare - Example: Likelihood of a computer virus disrupting systems is greater than likelihood of staff s unauthorized transmittal of confidential information
9 Process: Assess Impact to institution s objectives: Strategic high-level goals, aligned with and supporting its mission Financial safeguarding assets Operational processes that achieve goals Compliance laws & regulations Reputation public image
10 Process: Assess Impact - Qualitative technique Ordinal ranking - Level 1 through 5. - Insignificant, minor, moderate, major, catastrophic. - Example: Impact of unplanned release of hazardous materials ranked from minor (contained on-site) to catastrophic (detrimental effect on environment, significant injuries, etc.).
11 1. Identify relevant risks. Process: Response 2. Assess likelihood and impact of risks identified. 3. Determine risk response. 4. Identify control activities that are needed to help ensure that risk responses are carried out properly and timely. 5. Establish procedures to monitor attainment of goals and identify residual risks.
12 Process: Response 3. Determine risk response. Transfer or avoid unacceptable risks. Reduce threats and control uncertainties. Maximize opportunities.
13 Process: Response Choices: Avoid Transfer Minimize consequence Reduce the threat Reduce the likelihood or probability Minimize the impact or consequences Control uncertainties Accept
14 Process: Response HIGH MED LOW MED HIGH
15 Process: Response What to do? If an activity is too risky, discontinue it. Transfer the risk. Insurance Contractual provisions Bonding Reduce level of activity or diversify.
16 Process: Response Reducing probability of risk: Limit access or role-based access. Background checks. Independent monitoring. Comparisons to benchmarks. Separation of duties. Establish accountability.
17 Process: Response Minimizing Consequence: Limit physical access. Limit authority. Segregate duties. Additional approvals for high risk items. Limit access to sensitive information/data. Independent monitoring.
18 Process: Response Controlling uncertainty: Disaster recovery planning. Awareness of competition. Knowledge of industry activities or issues. Monitor for presence of unknown. Virus scanning. Communication with key stakeholders and constituents.
19 Process: Identify Controls 1. Identify relevant risks. 2. Assess likelihood and impact of risks identified. 3. Determine risk response. 4. Identify control activities that are needed to help ensure that risk responses are carried out properly and timely. 5. Establish procedures to monitor attainment of goals and identify residual risks.
20 Process: Identify Controls 4. Identify control activities that are needed to help ensure that risk responses are carried out properly and timely. Preventive Detective
21 1. Identify relevant risks. Process: Procedures 2. Assess likelihood and impact of risks identified. 3. Determine risk response. 4. Identify control activities that are needed to help ensure that risk responses are carried out properly and timely. 5. Establish procedures to monitor attainment of goals and identify residual risks.
22 Process: Procedures 5. Establish procedures to monitor attainment of goals and identify residual risks. Have all threats and uncertainties been identified? Are the probability and consequences reasonable? Are outcomes compared to goals or benchmarks? Are controls working to manage risk?
23 Potential Threats Excessive cost (overpaying). Deficit revenues. Fraud. Conflict of interest or commitment. Poor management decisions. Inaccurate or untimely financial reporting. Excessive regulation.
24 Potential Uncertainties Business interruption. Legal action. Natural disaster. Customer dissatisfaction. Competitive disadvantage. Government criticism due to politically hot issues.
25 Potential Opportunities Technology Untapped markets Intellectual property Competitive advantage Personnel expertise Investment management
26 Who Sets Risk Tolerance University leadership determines the degree of acceptable risk. Balance of opportunity versus probability of adverse action.
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