...Risk Assessment Matrix (High-Medium-Low) The following Matrix can be used to help determine the risk ranking of a finding and its associated recommendations. Classification of high, medium or low usually occurs because of a combination of factors. The problem noted and or failure to implement a recommended solution could have the following impact: High Medium Low Potential significant life/ safety threat. Remote life or safety threat. No life or safety threat. Potential exposure of large volume PII or other confidential data. Potential exposure of any amount of confidential data. No confidential data. Impact on financial statements is material (PWC SAS-112 financial risk is rated high). Reportable financial statement impact. (PWC or SAS 112 medium risk ranking). No financial statement impact. (PWC or SAS 112 low risk ranking). Potential campus wide impact: 1. Major administrative computing system internal control weakness. 2. Potential for mission critical process or system failure or breach. (e.g.: inability to timely register students or pay employees). Departmental or unit only impact. Small subsection of people or transactions affected. Large dollar amounts or highly liquid assets at risk (cash). Medium dollar amount at risk or assets not liquid or convertible to cash. Low dollar amount at risk. Lack of major control step. Significant control weakness creates potential for fraud. Other compensating controls exist. Several other compensating controls. This...
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...1 February 2009 pp. 63–76 Assessing Information Technology General Control Risk: An Instructional Case Carolyn Strand Norman, Mark D. Payne, and Valaria P. Vendrzyk ABSTRACT: Information Technology General Controls (ITGCs), a fundamental category of internal controls, provide an overall foundation for reliance on any information produced by a system. Since the relation between ITGCs and the information produced by an organization’s various application programs is indirect, understanding how ITGCs interact and affect an auditor’s risk assessment is often challenging for students. This case helps students assess overall ITGC risk within an organization’s information systems. Students identify specific strengths and weaknesses within five ITGC areas, provide a risk assessment for each area, and then evaluate an organization’s overall level of ITGC risk within the context of an integrated audit. Keywords: internal controls; general control; ITGC; risk assessment. INTRODUCTION he Sarbanes-Oxley Act (SOX 2002) and the Public Company Accounting Oversight Board (PCAOB) Auditing Standard No. 5 (PCAOB 2007) require that the organization’s chief executive officer (CEO) and chief financial officer (CFO) include an assessment of the operating effectiveness of their internal control structure over financial reporting when issuing the annual report. External auditors must review management’s internal control assessment as part of an annual integrated audit of an organization’s internal controls...
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...RESULTS-BASED PUBLIC SECTOR MANAGEMENT A Rapid Assessment Guide PLAN EVALUATE BUDGET RESULTS MONITOR IMPLEMENT i RESULTS-BASED PUBLIC SECTOR MANAGEMENT A Rapid Assessment Guide © 2012 Asian Development Bank All rights reserved. Published in 2012. Printed in the Philippines ISBN 978-92-9092-838-6 (Print), 978-92-9092-839-3 (PDF) Publication Stock No. TIM124978 Cataloging-In-Publication Data Asian Development Bank Results-based public sector management: A rapid assessment guide. Mandaluyong City, Philippines: Asian Development Bank, 2012. 1. Managing for development results 2. Results-based management 3. Public sector. I. Asian Development Bank. The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB), its Board of Governors, or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. By making any designation of or reference to a particular territory or geographic area, or by using the term “country” in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area. ADB encourages printing or copying information exclusively for personal and noncommercial use with proper acknowledgment of ADB. Users are restricted from reselling, redistributing, or creating...
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...RISK ASSESSMENT REPORT Template Information Technology Risk Assessment For Risk Assessment Annual Document Review History The Risk Assessment is reviewed, at least annually, and the date and reviewer recorded on the table below. | Review Date |Reviewer | | | | | | | | | | Table of Contents 1 INTRODUCTION 1 2 IT SYSTEM CHARACTERIZATION 2 3 RISK IDENTIFICATION 6 4 CONTROL ANALYSIS 8 5 RISK LIKELIHOOD DETERMINATION 11 6 IMPACT ANALYSIS 13 7 RISK DETERMINATION 15 8 RECOMMENDATIONS 17 9 RESULTS DOCUMENTATION 18 LIST OF EXHIBITS Exhibit 1: Risk Assessment Matrix 18 List of Figures Figure 1 – IT System Boundary Diagram 4 Figure 2 – Information Flow Diagram 5 List of Tables Table A: Risk Classifications 1 Table B: IT System Inventory and Definition 2 Table C: Threats Identified 4 Table D: Vulnerabilities, Threats, and Risks 5 Table E: Security Controls...
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...Proj545 Professor: James Jameson May 21, 2015 PROJ545: Risk Paper #1 Risk Paper Introduction A few years ago I received some advice from my brother who at the time was a rather successful real-estate agent and previous real estate appraiser. He had built some wealth not only buy and selling houses for clients but also managed to purchase a few properties as personal investments. The advice I received was I should look at investing in real-estate. “You can look to me for guidance, I will not only make sure the property you choose makes sense on paper but I can also guide you through the renovation/remodeling process.” My family was no stranger to real-estate investment. My parents had for a long time been landlords and had purchased a few properties, renovated them churned a profit at the time of sale. After a few years of receiving continued encouragement from my family to invest, I finally made the decision to make my first big purchase. I was never a fan of taking big risks but as I watched my family succeed in real-estate and did put my mind at ease. I was not naïve of the inherent risks and I did consider obstacles that I could face and or threaten my investment. Identifying Risks After making the decision to attempt my luck at real-estate, I started to gather ideas on what potential risks I would be most affected by. My main sources of risk identification was braining storming and interviews with what were my “mentors” although they were family...
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...Quantitative Risk Assessment PM/584 October 2015 Deborah Reid Quantitative Risk Assessment The following paper will cover a revision to the Kudler Fine Foods newsletter with coupons for a promotional items project background clarifying the project scope, requirements, schedule, quality and constraints. This paper will also include an updated risk identification framework, qualified and quantified risk matrix, and prioritized risk register. Revised Project Background The basic project is the design of a monthly newsletter with coupons for promotional items using the current customer demographic database. The project timeline is 9 months with a budget of $75,000. The majority of the budget will be spent on securing a design agency, and printing and mailing of the newsletter. Some will be allocated to the maintenance and updating of the current database information. First Month: • As Kudler Fine Foods does not have the talent in house required to design the newsletter an external design agency will have to be utilized. This will require the publication of a Request for Proposals (RFPs) to be forwarded to design agencies. Once the RFP’s have been received a review by management and the project team will be required for the selection process, this should be accomplished within the first month of the project timeline. Second/Third Months • Once the design agency has been selected the...
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...Huntsville Plant | Construction Project – Risk Matrix | | Contents Exhibit:1 3 Risk Matrix: Huntsville Plant Construction Project 3 Overview 4 Economic Culture and Funding 4 Labor Condition 4 Works Cited 6 Exhibit:1 Risk Matrix: Huntsville Plant Construction Project Identification | | | Response Plan | Risk | Consequence | Probability | Impact | Trigger | Resp. | Response | Economic Culture | Financial Market | Effect on supply industry | Physical resources cost/availability of raw materials | Delay in project schedule | PM | Research and locate alternative physical resources | Labor Conditions | Trade Union Strike | Lack personnel skill sets & experience | Inadequate balance of resources and expertise | Unable to comply with deadlines | PM | Create a project labor agreement to prevent interruption and prevent delay | Funding | Over Allocated Funds | Cost control | Inadequate funding for unforeseen circumstances | decrease flexibility and poor response time | PM | Level resources by change task dependencies of over allocated resources | Overview The goal of the risk management efforts identified in the matrix is to avoid potential project risk. A qualitative assessment has helped to prioritize identified risks by estimating probability and impacts, exposing the most significant risks; but this deals with risks faced by the project whole. In order to understand which areas of the project might require special attention,...
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...easier management of possible threats. The program allows for early detection and recognition of anything that the program may deem hurtful. Such as: * To establish and reduce the likelihood and impact of IT risks. * To establish cost-effective action plans for critical IT risks. And these goals correspond to the following metrics: * Percent of identified critical IT events that have been assessed. * Number of newly identified IT risks (compared to previous exercise). * Number of significant incidents caused by risks that were not identified by the risk assessment process. * Percent of identified critical IT risks with an action plan developed. With the above bulleted points you can more effectively navigate your way through the problem at hand and gain a clearer perspective of what the problem is. (http://searchsecurity.techtarget.com/tip/How-to-use-COBIT-for-compliance) The purpose of the RACI, I feel is to help one to delegate who is responsible for what and what actions would be taken when a problem occurs. To me the various forms of RACI that I have seen seem to have little variance to them. And that basically you assign one person per letter as in (http://project-management.com/understanding-responsibility-assignment-matrix-raci-matrix). I find RACI can be very helpful tool in for projects. It is helpful to define Roles and Responsibilities in cross functional teams where the lines are blurred, particularly around Responsible and Accountable...
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...The Importance of Managing Risk Introduction A variety of academics have provided numerous definitions of risk, with some being centred around a specific business environment and others being a more generic definition of risk. A comprehensive risk definition that is tailored around the business environment can be defined as an event that will likely lead to substantial losses for an organisation, which could also be made more dangerous by the likelihood of the risk event occurring (Harland, et al., 2003). Furthermore, The English Oxford Dictionary defines risk as "A situation involving exposure to danger" or "The possibility that something unpleasant or unwelcome will happen". (Oxford Dictionary, 2015) Kaplan and Garrick (1981, p. 12) provide a simple equation for risk, which is "risk = uncertainty + damage". They believe that it is irrelevant as to what context risk exists in, and that the same equation can always be used to identify and manage risk. However, risk can still be categorised differently depending on what facet of the organisation it is affecting. For example, supply chain risk can be defined as ""the variation in the distribution of possible supply chain outcomes, their likelihood, and their subjective values" (March & Shapira, 1987, p. 1404). This is quite different to other, more generalised definitions of risk. Risk Management Before a risk management strategy can be decided upon, the risk event must first be identified. An organisation should conduct...
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...49006- Risk Management In Engineering Risk Management Plan * Proposed Darling Harbour Water Feature Prepared by Vipin Appu Parambil Vikraman 11789373 29th March 2015 Executive Summary This report presents the risk assessment and risk treatment plan for the three new water features of Darling Harbour precinct along with the installation of the public realm. This project is a part of the Convention Centre Redevelopment plan and the risk assessment and treatment, is carried out by abiding with the AS/NZS ISO 31000:2009, SA/SNZ HB 436:2013 and IEC/ISO 31010:2009. Firstly, an introduction of the iconic location, Darling Harbour is briefed. The project objectives, scope and boundaries of the new water features installation is explained along with the risk management process adopted for this project. Secondly the context for risk is established inclusive of internal and external context. The stakeholder analysis and communication and consultation stage, explains the various stakeholders of this project and their mode of communication. Thirdly, risk criteria, risk identification, risk analysis and risk evaluation is developed based on the possible risks that may occur with this project. During risk identification potential risks related to the project was generated. The application of risk severity matrix and FEMA analysis were conducted to identify the likelihood and consequence of risks. ALARP principle was used for risk evaluation and identifying possible...
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...Managing Risks in Curriculum Activities Information Sheet Managing Risks in Curriculum Activities This document aims to assist staff undertake an effective risk assessment. The information presented here should be seen as the ‘minimum expected standard’ to manage risk, rather than the definitive list of requirements. All the information presented should be carefully considered in respect to specific context, such as: 1. Which students will be involved? (age, maturity, experience, specific needs, number) 2. What will students be doing? (jumping, swimming, cutting, cooking, throwing, etc) 3. What will students be using? (hazardous materials, sporting equipment, tools, stove, etc) 4. Where will students be? (classroom, outdoors, pool, creek, at height, etc) 5. Who will be leading the activity? (experience, qualifications, etc). THE RISK MANAGEMENT PROCESS The workplace health and safety risk management process involves the following steps: 1. Identify the potential hazards 2. Assess the risk 3. Decide on the control measures 4. Implement the control measures 5. Monitor and review. Ideally, this risk management process should be integrated into routine lesson planning. Risk assessments are best completed by more than one person thinking about the hazards and controls. Therefore, you are encouraged to involve those planning and delivering the activity in the risk assessment process...
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....................................................................8 COBIT..........................................................................................................................11 Responsibility for Internal Control System .................................................................13 Conclusion ...................................................................................................................14 3. TOP-DOWN, RISK-BASED APPROACH 3.1 3.2 3.3 3.4 3.5 Introduction ..................................................................................................................15 Risk Identification........................................................................................................17 Controls Identification .................................................................................................18 Execution and Evaluation ............................................................................................21 Roadmap for Implementation of a Top-Down, Risk Based...
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...Bend Case Study. 1.Are there any risks that have been ignored by the project team? Yes there are risk that might have been ignored. For the CPOE project to be fully effective and efficient, it has to fully integrate with the existing hospital information system such as the pharmacy,Laboratory and the existing electronic medical records. Lack of 24 hour ready technical support. This can be a huge risk especially considering the fact that this is a new technology and so all time ready technical support will be necessary. Unwillingness of the upper management of the hospital to spend more resources to train all the staff that is going to be using this new system. 2.What advice would you give the CIO and his team on risk management? The CIO and his team did a pretty good job in identifying the risks and the solution to these risk. Nonetheless the project team did not develop any qualitative or quantitative risk assessment. Knowing this I would best advice the CIO and his team to either develop a probability and impact of FMEA because this will be helpful for the project team and will make their work easier and more accurate. If they develop the probability and impact risk matrix then they will be able to identify which risk are likely to occur and would bring major problems to the project and then they can be able to plan how they will deal with that particular risk an all other risks that they identify according to how serious the risk is to the project. 3.Is the confidence...
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...objectives to balance-related audit objectives. 7. Integrate the four phases of the audit process. 1. Audit program The importance of the audit program cannot be underemphasized. It contains all the procedures that the auditor considers necessary in the circumstances. The specific knowledge needed to construct the audit program for tests of transactions (tests of details of balances) is covered in Chapter 13 (15). 2. Risk Assessment Procedures - The auditor is required to perform risk assessment procedures, including procedures to gain an understanding of the internal control system (Ch. 10). This includes sufficient documentation and inquiries, as well as a walk-through to support the understanding. 3. Types of Tests - there are four types of further audit procedures auditors perform after performing risk assessment procedures: | | |Relation to | | | |Risk Model | |Test |Name |CR |PDR | |TOC |Tests of Controls |X | | |STOT |Substantive Tests of Transactions |X |X | |AP |Analytical Procedures | |X | |TODB...
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...Curbing Fraud Through Risk Assessments Abstract The purpose of this paper is to discuss the psychology behind why people commit fraud and how a risk assessment can be used to mitigate fraud and risk towards a given organization. The risk assessments portion of the paper will discuss areas such as a process for an effective fraud risk assessment which includes defining a risk scope, risk treatments (acceptance, avoidance, transfer, mitigate, or a combination approach), and most importantly risk monitoring and review through controls. The paper then discusses in detail the importance of proper risk modeling then finished with an analysis on an actual fraudulent activity around the abuses with SNAP benefits. Risk Assessments: Merriam-Webster defines fraud as the “intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right.” Some type of fraud scheme or business exploit is in the news headlines every day. Anything from employees stealing money out of cash register to multibillion dollar pyramid schemes is seeming becoming a common segment on the news right next to this week’s weather forecast. The opportunity for a common person or company to fall victim to fraud is paramount. Often times a business simply doesn’t know where their most susceptible operations reside. This limitation causes billions of dollars of fraud to commence every year, and often times the company won’t know they aren’t being scammed until it’s...
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