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 80 % spend Rare Unlikely Moderate Likely Common 60 Likelihood X 40 Minimum Low Medium High Maximum 20 Inherent risk exposure X 0 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 assurance 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
"Risk Management and Financial Institution"