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Individual risk dashboard Description of risk Risk owner Background to risk Underspending of the budget Chief Financial Officer Currently 50% of budget spent Will lead to future external under funding History of under spending
Actual spend as a % of budgeted quarterly spend
Insignificant Impact Rare Likelihood Minimum Inherent risk exposure Very good Control effectiveness Minimum Residual risk exposure Current key controls Monthly variance reporting Cash flow projections Monthly management meetings Approved CAPEX and operational budgets Implemented performance management system
Minor
Moderate
Critical
% spend
100
80
Unlikely
Moderate
Common
60
40
20 0 Sep-07 Dec-07 Mar-08 Jun-08
Low
Medium
Maximum
Good X Low
Satisfactory
Quarter
Medium
Maximum
Chief Financial Officer Chief Financial Officer Chief Financial Officer Chief Financial Officer Chief Financial Officer Actions owner Chief Financial Officer
Date of last assurance 31/03/2008 31/03/2008 31/03/2008 31/03/2008 31/03/2008 Timeline and status 01 September 2008
No. 33 67 93 80
current info is an example - need actual info required from Risk Owner
Actions to improve controls Implement a follow up process for any under spending and report on the reasons for under spending
1 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.
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9/9/2013