CODE: RPR.06.

1
Version: 01
Revision date: 22/01/2021
CONSEQUENCE
INSIGNIFICANT OR NO
IMPACT/NOT REQUIRING SIGNIFICANT IMPACT R
ADDITIONAL RESOURCES TO SOME RESOURCES TO
RISK ASSESSMENT MATRIX RESOLVE

WILL PROBABILITY
NOT OCCUR IN
MOST LOW LOW
L CIRCUMSTANCES
I
K
E
L MAY OCCUR IN
SOME LOW MEDIUM
I CIRCUMSTANCES
H
O
O
D LIKELY TO OCCUR IN
MOST MEDIUM HIGH
CIRCUMSTANCES
CONSEQUENCE
SIGNIFICANT IMPACT REQUIRING MAJOR IMPACT REQUIRING LARGE
SOME RESOURCES TO RESOLVE AMOUNT OF RESOURCES TO RESOLVE

LOW MEDIUM

MEDIUM HIGH

HIGH HIGH
Doc No: NIS/QMS/R0R-01
Version: 00
Revision date: 22/06/2021

Risk/opportunity Register

S/N Activities/Issues/Interested Parties Risk Type of hazard

ACCOUNTS
1
Failure to retire
petty cash vouchers
Petty Cash Management Quality
within one month of
cash receipt

2
Delay in payment of
Payment process Quality
external providers

3 Delay in receipt of
Invoicing/Receivables process payment from Quality
clients

Delay in payment
4 Account Payables procedure Quality
of vendors

5
Delay in salary
Payroll preparation Quality
payment

Delay in payment of
Taxation Quality
taxes

Double payment
Bank reconciliation and calculation Quality
errors
8

Shortage of
Inventory control Quality
consumables

Budget Process Inaccurate budget Quality

10

Inaccurate useful
Fixed Asset Management life of an asset may Quality
be set

Inaccuracy of
11 Financial Reporting financial reports Quality
prepared
Who might be harmed? Controls in Place Likelihood Cosequence

Employee Surcharge
Staff
from salary
Medium Medium

Company/External
Proper payment plan High High
provider

Follow up with clients

Company on invoices due for High High
payment

Review of vendor
Company/Vendor documents and High Medium
Proper payment plan

Staff Availability of funds Medium High

Timely remittance of
Company Low High
taxes

Proper reconciliation of
Company Low Medium
cash/bank books
 Proper physical check
Company Medium High
of inventory

Review of budget
Company Medium Medium
prepared

Company Update of asset listing Medium Medium

Update of financial
Company records
Low High
 Method for EVALUATION AND
Risk Rating Action by who EFFECTIVENESS OF (Qtr 1: Jan
Evaluation - Mar 2021)

Review of retirement
Accounts Controls are effective in
Medium Officer/Lead
done for cash
mitigating the identified risks
disbursed

Review of approved
Account Officer/Top Controls are effective in
Medium requisition
management mitigating the identified risks
processed

Review of invoices
Controls are effective in
High Account Lead submitted to clients
mitigating the identified risks
timely

Review of
Controls are effective in
Medium Account officer suppliers/vendor
mitigating the identified risks
record

Readiness of payroll Controls are effective in

Low Account Lead
before payment date mitigating the identified risks

Tax receipts
Controls are effective in
High Accounts Lead received from tax
mitigating the identified risks
authorities

Accuracy of records Controls are effective in

Medium Accounts Lead
kept mitigating the identified risks
 Inventory record Controls are effective in
Medium Account Officer
kept mitigating the identified risks

Account Adherence to Controls are effective in

Medium
Lead/Management budget plan mitigating the identified risks

Physical check of Controls are effective in

Medium Account Lead
asset mitigating the identified risks

Controls are effective in

Medium Account Lead Review of ledgers
mitigating the identified risks
 Opportunities Action

Retirement done as and Ensure retirement are done as and when

when due due

Approval of cheques and

Ensure adherence to payment plan
vouchers before payment

Preparation and
Ensure adherence to invoice preparation
submission of invoices
procedure
timely

Approval of vendor
Ensure vendor invoices are checked
invoices for payment

Approval of payroll by top

management Follow up on payroll for approval

Approval of cheques for

payment of taxes Ensure adherence to tax remittance

Ensure proper entries in accounting

Detection of errors books
Availability of Ensure proper check of consumables at
consumables the end of the month

Controlled cost Ensure adherence to budget process

Availability of funds to Ensure proper depreciation/disposal of

acquire fixed asset fixed asset

Proper decision making Ensure correctness of financial reports

 EVALUATION AND
Method for Evaluation EFFECTIVENESS OF
(Qrt 1: Jan - Mar 2021)

Action to adress
Review of retirement done at the end of the month opportunities are
effective

Action to adress
Review of payment processed timely opportunities are
effective

Action to adress
Liquidity in the company account opportunities are
effective

Action to adress
Review of vendor invoices processed opportunities are
effective

Action to adress
opportunities are
Timely payment of salary effective

Action to adress
opportunities are
effective

Review of tax payment

Action to adress
opportunities are
effective

Review of entries in the ledgers

 Action to adress
opportunities are
effective

Review of inventory record kept

Action to adress
opportunities are
effective

Review of budget monthly/quarterly

Action to adress
opportunities are
effective

Review of fixed asset schedule

Action to adress
Review of financial reports sent to top management opportunities are
effective