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Enterprise Risk Assessment - ARRA Fraud

ARRA Risk Assessment  Identify Risks                                                                                                                                               Analyze Risks         Evaluate  Risks Treat Risks
VP Area Description of Risk                                                                                    (Identify the risk and the impact or effect of the risk)                                                                                                                   Likelihood of Risk Occurring  -  Highly Likely, Likely, Possible, Unlikely               Consequence - (Degree of Severity of the consequence should the risk occur) - Catastrophic, Major, Moderate, Minor                 Key Controls  -    (What are we doing now to manage the risk? (Ex. Policies & Procedures)  Rank Adequacy of Controls  -                                                                                                                     1. Weak                                                                            2. Adequate                                                                                    3. Excessive                Risk Tolerance  -                                                                                                                     A. Acceptable                                                                            U. Unacceptable                                                                                    AT. Acceptable with Treatment                Action Treat  -                                                                                                                     1. YES                                                                                      2. NO                                                                                3. DON'T KNOW                                                                                                                                                    New Risk Treatment  - Mitigation Strategies (Complete Risk Treatment Action Plan)          By Whom                                                                                                                                                                                                                                                                   
Admin & Finance  Misuse of ARRA funds.  Possible Major  Budgeting done via MMARS. Summary entries posted to Colleague only after spending in MMARS.  2 AT 1 ARRA Compliance Coordinator and Director of Policy, Planning & Budgets reviews  monthly. K. Eichelroth  
Admin & Finance  Lost ARRA resources.  Possible Major  MMARS appropriations are reconciled monthly as part of the month end closing. MMARS transaction data is reconciled and compared to Colleague GL balances.  2 AT 1 ARRA Compliance Coordinator and Associate V.P. Admin & Finance review and research any variances. K. Eichelroth  
Admin & Finance  ARRA non-compliance - Intermingling of ARRA funds with non-ARRA.  Possible Major  A separate Fund 7 in Colleague was created to track ARRA inflows and outflows separately.  2 AT 1 ARRA Compliance Coordinator and Associate V.P. Admin & Finance review GL monthly and investigate variances. K. Eichelroth  
Admin & Finance  ARRA non-compliance - Failure to track ARRA inventory separately.  Possible Major  All ARRA equipment is separately coded within the Receiving Arrival software and Fixed Asset Module. (See Asset Management Inventory Control Procedural Manual.  2 AT 1 Associate V.P. Admin. & Finance, Property Control Manager, and Associate Director Administrative Services meet quarterly at a minimum to review current procedures and investigate problematic issues. K. Eichelroth  
Admin & Finance  ARRA non-compliance.  Possible Major  Hired ARRA Compliance Coordinator to oversee the management of ARRA funds.  2 AT 1 ARRA Compliance Coordinator received OSC training on Risk & Fraud Prevention & has participated on Reporting  Lead Conference Calls. K. Eichelroth  
Admin & Finance  Deficient ARRA records management.  Possible Major ARRA Compliance Coordinator maintains ARRA emails, correspondence, contracts, ISAs, approvals, and spending plans.  IT provided share drive to maintain all ARRA correspondence. All ARRA paperwork is clearly coded as ARRA to ensure that records can be easily and quickly accessed and reviewed for audit purposes.   2 AT 1 ARRA Compliance Coordinator, Associate V.P. Admin & Finance, and Director of Policy, Budget & Planning meet periodically with V.P. Admin & Finance to review ISAs' and potential modifications to spending plans. K. Eichelroth  
Admin & Finance  ARRA non-compliance re. Decision making.  Possible Major  ARRA Compliance Coordinator and Associate V.P. Admin & Finance maintain documents related to the spending proposal and intended use plan including justification narratives supporting the spending proposal.  2 AT 1 ARRA Compliance Coordinator and Associate V.P. Admin & Finance meet periodically with V.P. Admin & Finance and the Director of Policy & Budget to review current status of ISAs', potential budget amendments and/or budget modifications. K. Eichelroth  
Admin & Finance  Failure to meet ARRA reporting requirements, goal and performance verification and evaluations.  Possible Major  ARRA Compliance Coordinator (prepares) and Associate VP Administration & Finance (reviews and approves) data for federal reporting purposes.  2 AT 1 ARRA Compliance Coordinator and Associate V.P. Admin & Finance meet periodically with V.P. Admin & Finance and the Director of Policy & Budget to review goal performance and adherence to spending plan. K. Eichelroth  
Admin & Finance  ARRA non-compliance.  Possible Major  AP staff have received internal control training via Staff meetings to review/amend  ARRA procedures.  2 AT 1 Additional key Administration & Finance staff will be required to attend additional OSC risk and fraud prevention training.  K. Eichelroth  
Admin & Finance  ARRA non-compliance - Lack of Monitoring progress of ARRA objectives.  Possible Major  ARRA Compliance Coordinator, Director of Procurement, Associate VP Administration & Finance monitor spending plan against purchases and for federal reporting.  2 AT 1 VP Admin & Finance, Associate VP Admin & Finance, ARRA Coordinator, Director of Budgets & Director of Procurement continue to meet periodically to assess progress. K. Eichelroth  
Admin & Finance  Fraud, Waste & Abuse.  Possible Major  The WSU Division of Adminstration & Finance created a written Fraud policy that was officially approved by ELT.  2 AT 1 The Fraud policy will be reviewed on an annual basis. K. Eichelroth  
Admin & Finance  Fraud, Waste & Abuse.  Possible Major  The Whistleblower posters were posted in each WSU building and communicated to Fiscal staff.  2 AT 1 Continued discussions of fraud prevention and detection take place during Accounting staff meetings.   K. Eichelroth  
Admin & Finance  Fraud, Waste & Abuse.  Possible Major  All WSU employees are required to participate in an annual State Ethics Test.  See http://www.worcester.edu/teamsites/ethics/default.aspx  2 AT 1 Email reminders via our IT department are sent out annually reminding all employees to take State Ethics test. (provide link to official email) K. Eichelroth  
                     
               
           
               
               

Last modified at 4/25/2011 10:59 AM  by Polakowski, Renee