| ARRA Risk Assessment |
Identify Risks |
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Analyze Risks |
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Evaluate Risks |
Treat Risks |
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| 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 |
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