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Gambling With or Managing Risks ?

Gambling With or Managing Risks ?. Jim Tholey. RISKY INC. RISK ASSESSMENT MODEL – 2007. Wgt. Fin/ Acct. HR. Dept 2. Legal. Compl. IT. Purchas- ing. Admin. Mrktg. Dept B. Dept C. PR. Div 1. Sub A. Risk Factors. A. Business Environment 1. Management Team

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Gambling With or Managing Risks ?

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  1. Gambling With or Managing Risks ? Jim Tholey

  2. RISKY INC. RISK ASSESSMENT MODEL – 2007 Wgt Fin/Acct HR Dept 2 Legal Compl IT Purchas- ing Admin Mrktg Dept B Dept C PR Div 1 Sub A Risk Factors • A. Business Environment • 1. Management Team • 2. Risk Management/Evaluation • 3. • 4. • B. Financial & Operating Env. • 5. Susceptible to misappropriat., fraud, loss • 6. Compl./Adequacy of Internal Mgmt Rpt • 7. • 8. • 9. • 10 • 11 • 12 C. Info Tech Financial Automation • D. Governance, Intrnl Cntrl & Compl • 13. Corporate Governance • 14. Internal Control Environment • 15. • 16. • 17. TOTAL – RISK QUANTIFICATION 100 218 163 249 157 166 277 191 145 246 153 174 142 218 186 Wgt Fin/Acct HR Reg’s Legal Compl IT Purchas- ing Admin Mrktg Dept B Dept C PR Div 1 Sub A Impact • 1. Impact • 2. Risk • 3. Risk –. TOTAL – IMPACT QUANTIFICATION 100 220 180 300 200 220 260 140 100 240 180 260 180 220 220 Risk Rating:Low(0-130)Medium(131-210)High(211-300)

  3. Sample SOX Qualitative Risk Assessment (Heat Map)

  4. Qualitative Assessment of Accounts/Processes Risk Factors are taken directly from AS2/AS5

  5. Risk & Impact Analysis – Risky Company HIGH • Information Technology • Supply Chain Management • Finance/Acctg • Compliance • Marketing • Purchasing BUSINESS UNIT HEAT MAP MED • Investor Relations • Human Resources • Legal • Administration • Public Relations RISK LOW IMPACT

  6. Risk/Impact Corridor – Risky Company RISK CORRIDOR BUSINESS UNIT HEAT MAP • Information Technology HIGH • Supply Chain Mgmt • Finance/Acctg • Compliance • Marketing • Purchasing • Investor Relations MED • Human Resources RISK • Legal • Administration • Public Relations LOW IMPACT

  7. Risk & Impact Analysis – Risky Company • Capacity Planning • Business Continuity Planning AUDIT UNIVERSE HEAT MAP • Disaster Recovery HIGH • Plant Operations • Supply Chain • SOX Compliance • Financial Reporting • Compliance • Revenue Receivables • Cash Receipts MED • Human Resources RISK • Marketing • Cash Reimbursements • Accounts Payable • Purchasing • Investments • Public Relations • Legal – Corp Secretary • Physical Security • T&E Reporting • Fixed Assets • Budgeting LOW • Bank Reconciliations • Facilities • Payroll Audits are in italics IMPACT

  8. Risk & Impact Corridor – Risky Company RISK CORRIDOR • Capacity Planning AUDIT UNIVERSE HEAT MAP • Business Continuity Planning • Disaster Recovery HIGH • Plant Operations • Supply Chain • SOX Compliance • Financial Reporting • Compliance • Revenue Receivables • Cash Receipts MED RISK • Human Resources • Marketing • Cash Reimbursements • Accounts Payable • Purchasing • Investments • Public Relations • Physical Security • Legal – Corp Secretary • T&E Reporting • Fixed Assets • Budgeting LOW • Bank Reconciliations • Facilities • Payroll IMPACT

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