Risk Management and Financial Institution by fmb31949


Risk Management and Financial Institution document sample

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									XXX Institution
Individual risk dashboard
Quarter ended: 30 June 2008

Individual risk dashboard

Description of risk                        Underspending of the budget

Risk owner                                 Chief Financial Officer
                                                                                                                                                                                     Key risk indicator
Background to risk                         Currently 50% of budget spent                                                                                                             Actual quarterly spend as a % of budgeted quarterly spend

                                           Will lead to future external under funding

                                           History of under spending
                                                                                                                                                                                                     Actual spend as a % of budgeted quarterly spend
                                                 Insignificant             Minor             Moderate            Major            Critical                                                  100
Impact                                                                                                            X

                                                                                                                                                                                      % spend
                                                    Rare                  Unlikely           Moderate            Likely          Common                                                         60
Likelihood                                                                                                         X

                                                  Minimum                   Low               Medium              High           Maximum                                                        20
Inherent risk exposure                                                                                             X
                                                                                                                                                                                                     Sep-07            Dec-07             Mar-08          Jun-08
                                                 Very good                 Good             Satisfactory         Weak         Unsatisfactory                                                                                    Quarter
Control effectiveness                                                       X
                                                                                                                                                                                     Quarter            No.
                                                  Minimum                   Low               Medium              High           Maximum                                             Sep-07             33                        current info is an example - need
Residual risk exposure                                                                                             X                                                                 Dec-07             67                        actual info required from Risk
                                                                                                                                                                                     Mar-08             93                        Owner
Current key controls                                                                                        Control owner                         Date of last                       Jun-08             80
Monthly variance reporting                                                                                  Chief Financial Officer            31/03/2008
Cash flow projections                                                                                       Chief Financial Officer            31/03/2008
Monthly management meetings                                                                                 Chief Financial Officer            31/03/2008
Approved CAPEX and operational budgets                                                                      Chief Financial Officer            31/03/2008
Implemented performance management system                                                                   Chief Financial Officer            31/03/2008

Actions to improve controls                                                                                 Actions owner                      Timeline and status
Implement a follow up process for any under spending and report on the reasons for under spending           Chief Financial Officer            01 September 2008

Links to
- Strategic objectives                     1
- Risk Categories                          Financial stability

How to use:
1.) Copy the information of the identified risk, from the risk register, into the individual risk dashboard. This would entail completing all fields as indicated above.
2). Complete the date of last assurance and enure that it is aligned to the assuranc plan of the institution.
3.) Develop a specific key risk indicator to identify trends/movements of the indetified risk. This will ensure that suprises etc. are eliminated timeously. The key risk indicator should utilise the
    same intervals as the risk reporting frequency of the institution.
4.) All fields must be updated on an ongoing basis as required by the risk reporting process of the institution.

              ec93fccf-712f-4469-9557-485f8934b23d.xls                                                                                Page 1 of 1                                                                                                                     7/18/2011

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