View Competency: Internal control and risk 13:19

management 08.11.2021
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Name Internal control and risk management

Category Finance Internal control
Classes Finance-Professional

Description Knowledge, understanding and application of standard risk assessment to proactively identify the impact of
financial, information technology (IT), operational and fraud/compliance risk.
Description Applies to All Levels
Used In 106
Use For Talent Matrix
Inactive No
Proficiency Rating Information
Effective Date 01.01.1900
Proficiency Scale Behavioral/Professional
Behaviors Apply to All Levels No
Competency Ratings
Rating Behavior
1 Introductory: Demonstrates introductory understanding and ability and, with guidance,
applies the competency in a few, simple situations. Can direct people to the
appropriate source for further information.
• Understands potential issues/risks within the organization.
• Demonstrates knowledge the basic accountabilities of the internal control teams
within the organization's environment.
2 Basic: Demonstrates basic knowledge and ability and, with guidance, can apply the
competency in common situations that present limited difficulties.
• Recognizes and communicates potential issues/risks within the organization.
• Identifies the risks and potential business impact (including inadvertent error or
fraud), with guidance.
• Documents the workflow process and identifies additional potential risk for review,
3 Intermediate: Demonstrates solid knowledge and ability, and can apply the
competency, with minimal or no guidance, in the full range of typical situations. Would
require guidance to handle novel or more complex situations.
• Applies proven risk management techniques, models and tools to standard and non-
standard risks.
• Communicates the impact of identified risks and recommends corrective action.
• Assists others with risk management tasks or reviews the work of others who are
performing the tasks.
• Determines likelihood of risk occurrence and risk impact.
4 Advanced: Demonstrates advanced knowledge and ability, and can apply the
competency in new or complex situations. Guides other professionals.
• Develops and manages matrices and strategies associated with risk management.
• Plans and coordinates controls, techniques, models and tools.
• Understands relationship between control, risk and objectives.
• Develops risk assessment matrix and links risk to internal controls.
5 Expert: Demonstrates expert knowledge and ability, and can apply the competency in
the most complex situations. Develops new approaches, methods or policies in the
area. Is recognized as an expert, internally and/or externally.
• Develops, implements and evaluates risk strategies.
• Conducts periodic risk assessments to ensure compliance with the changing
business environment.
• Directs the comprehensive risk management program.