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Risk Assessment Report
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- 2. Table of contents BusinesscontextI Executive summaryII Departmental wise risk analysisII
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- 4. Our understanding ofyour business context and scope of work • Insert your understanding of the business context and the scope of work
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- 6. Risk areas acrossthe major functions have been identified as a part of this assignment Compliance Human Resources Maintenance Marketing & Strategy Operations Accounts • 7 areas of HIGH RISK and 6 areas of MEDIUM RISK have been identified across the organization • Majority of the risk resides in the Operations and Accounts function
- 7. Furthermore, risks havebeen categorized across 6 major categories OperationalFinancial Liquidity ReputationalCompliance Strategic
- 8. Recommended risk mitigationmeasures have led to an overall reduction in the risk score of the organization Inaccurate Billing Revenue Leakage Business Forecasting Inaccurate Estimations Negative Cashflow Contractual Theft & Pilferage People Dependence Fire Repeat Customers Equipment Breakdown Attrition Statutory Compliance Pre Mitigation Post Mitigation Data has been intentionally hidden to protect the privacy of the original report
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- 10. Issue of inaccuratebilling can be controlled through the implementation of a “maker-checker” system External + Controllable External + Uncontrollable Internal + Controllable Internal + Uncontrollable Risk Classification Risk Category Issues of inaccurate billing HIGH RISK AREA Risk Response Implementation of a maker-checker system i.e. the person who verifies the accuracy of the bill will be different from the maker of the bill Controls Key Risk Owner Monitoring Response Analysis Periodic internal audit should be undertaken by an independent third party to verify accuracy of the billing and collection process Accounts Head • Monthly revenue reports • Customer complaints on errors in the bill
- 11. Issue of revenueleakage can addressed through a zero tolerance policy External + Controllable External + Uncontrollable Internal + Controllable Internal + Uncontrollable Risk Classification Risk Category Issues of revenue leakage HIGH RISK AREA Risk Response A zero tolerance policy should be applied towards any identified forms of revenue leakage Controls Key Risk Owner Monitoring Response Analysis Revenues should be generated automatically through your internal billing systems Collection Officer • Overdue reports • NC Authorization Reports • Ageing Analysis
- 12. Issue of incorrectestimates and provisions can be controlled through effective interdepartmental coordination External + Controllable External + Uncontrollable Internal + Controllable Internal + Uncontrollable Risk Classification Risk Category Use if incorrect estimates and provisions MEDIUM RISK AREA Risk Response Top management should encourage and drive constant inter- departmental coordination Controls Key Risk Owner Monitoring Response Analysis Build active provisioning policies and follow industry standards in relation to estimation and provisioning Accounts Finance • Provisioning List • Wastage Control Report
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