RISK AND OPPORTUNITY REGISTER

RISK ASSESSMENT FORM : Approved by: Reference Number:

Conducted By: ELYN A. BOLIGON

Date Conducted: May 03, 2021 JULIET C. DANIELS, CPA, PhD
Next Review Date:
Director for Finance Services

EVA MARIE CODAMON-DUGYON,

PhD
University President
Risk Identification Risk Evaluation Additional Risk Control & Opportunities
P
r
I o
Impleme
m b
Intereste Existing ntation/ Targ
R Process/ Possible p a Additional Risk Opportunit Monit
d Parties Risk Risk RN I P Person et
ef Function Impact a b Controls Rating ies oring
Controls in Date
c il
Charge
t i
t
y
A Receivin End Non- Delay in the  Pre- 3 2 6  Strengthenin Finance Complete Imme Cond
C g, users/ acceptance processing audit/rev Medi g of receiving Staff documents diate ucted
C Journalizi Claimants of of payment iew of um – controls will be Imple Finan
T ng and /IFSU incomplete transacti Toler received ment cial
G signing of Employee and/or ons able -Provides ation Litera
Disburse s inaccurate before Risk orientation on cy on
ment supporting payment the Febru
Vouchers documents documentary ary
for Cash  Adher requirements 2021
Availabilit ence to for various

IFSU-QMS-QMR-F001
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 RISK AND OPPORTUNITY REGISTER

y of COA claims and

Claims Circular preparation of
and 2012- DVS
Supportin 001
g (Revised
Documen Docume
ts (Box B ntary
and C) Require
ments
for
Common
Governm
ent
Transacti
ons)

A Preparati IFSU Use of the Inaccurate  Hires a 3 3 9  Provides Finance  More 2021 Assig
C on and Employee manual and qualified MED- more Departm competent ned
C Submissi s/External accounting unreliable and HI – trainings on ent and one
T on of Resident system trial balance compete Imme the trained full
G General Auditor wherein the and nt diate accounting bookkeep time
and final financial bookkee attent for non- er and Acco
Special recording of statements. per ion accountants accountan untan
Journals, transactions and ts t to
Trial is written in  Review accountants prepa
Balance the book of the that will be re the
and final entry document conducted report
Financial (General s by an by the s
Statemen Ledger) by Accounta Commission
ts the nt before on Audit.
bookkeeper submissi  Funding Appro
which it can on  Shifts from and ved
be tiresome paper based implement budg

IFSU-QMS-QMR-F001
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 RISK AND OPPORTUNITY REGISTER

and tedious  Adheren system ation of a et

causing him ce to the (manual) to computeri under
to make policies computerized zed the
mistake/s. and accounting accountin STF
procedur system g system PRE
 Incorrect es of the (automation) or a 2021
recording Govern . paperless for
ment system .. the
Accounti traini
ng ng on
Manual the
new
syste
m
Processi IFSU Non- Suspension  Notice/s 2 3 6  Final Finance  Prompt Imme Notic
ng, Employee Liquidation of salaries to settle Medi Demand Departm Settlemen diate es
Recordin s/Residen of Cash of erring the um – Letter ent t of cash imple and
g and t Auditor Advances accountable unliquid Toler /Memo to be advances ment mem
Submissi within the employees ated able issued by VP- ation orand
on of prescribed cash Risk the PFRG um
Liquidatio period. Delay on advance University order
n Reports the President Office of were
of Cash Non- submission  No the sent
Advance acceptance of reports addition Presiden to
s of of al cash t conce
Employe incomplete advance rned
es and/or to be empl
inaccurate granted oyees
supporting unless .
documents settled

 Adheren
ce to the
IFSU-QMS-QMR-F001
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 RISK AND OPPORTUNITY REGISTER

Rules
and
regulatio
ns on
the
granting,
utilizatio
n and
liquidatio
n of
cash
advance
s..
A Preparati IFSU Untimely Delay on  Done by 2 2 4  Secure a Accounta  Reconcile April Appro
C on and Employee bank the a MEDI bank nt d Bank 2021 ved
C Submissi s/Residen reconciliatio submission competent UM – snapshot for Reconcilia Requ
T on of t Auditor ns due to of Bank bookkeep tolera the month tion est
G Bank delay of reconciliatio er . ble covered Statement Form
Reconcili bank n  Review risk s on time.
ation statement/s. Statements the
Statemen document
t by the
accountan
t before
submissio
n
A Assessm IFSU Main server Delay on  Back up 4 2 8  Upgrading Registrar  Funding 2021 Appro
C ent of Employee of SIAS is the delivery of files to MED- of the SIAS /Finance on the ved
C Student s/Student down and of services the HI – system to Departm upgrading Laun
T Fees, s damage external Imme the latest ent/IT of the ching
G Issuance and/or for hard diate software Departm SIAS of the
of system Data Loss drive. attent version ent/Offic System new
Clearanc maintenance  Maintain ion e of the syste
IFSU-QMS-QMR-F001
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 RISK AND OPPORTUNITY REGISTER

e and . hard Presiden m on

Test copies of t June
Permits; the 2021
Preparati assessm
on and ent form
submissi and
on of accompli
Billing shed
Statemen clearance
ts form.
 Manual
preparatio
n of Billing
statement
s using
spreadshe
ets.
A Preparati IFSU  Incorrect Incorrect  Assigns 4 3 12  Automating Finance  Automate 2022
C on of the Employee manual take home a MED- a payroll Departm d payroll
C General s/External computatio pay of qualified HI – system ent system to
T Payroll Financial n and employees payroll Imme improve
G Institution entry of either officer diate the
s employee underpaym attent efficiency
payroll ent or  Impleme ion and data
data by overpaymen nts HRD accuracy
mistake or t of salaries notices/ of the
with and wages. transmitt payroll.
intention als on
the list
of
employe
e’s with
or
IFSU-QMS-QMR-F001
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 RISK AND OPPORTUNITY REGISTER

without
. DTRs
and
employe
e with
leaves
with pay
or
without
pay.

 Review
and
approval
by the
authoriz
ed
personn
el before
payment

A Electroni Unreliable  Tax  Filing of 2 2 4 - Provides Finance Installation 2021 Intern

C c Filing and slow returns tax Medi fast internet Departm of internet et
C and internet are not returns um – connection ent connection was
T Remittin connection filed on before Toler for filing of provi
G ded
g of when filing time or deadline able tax returns
(eg.
Withhold of tax failure to Risk online DICT,
ing returns file that  Using of upgra
Taxes online. may personal ded
result to mobile intern
the data in et
impositio case the servic

IFSU-QMS-QMR-F001
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PROBABILITY
n of internet es)
penalty connecti
Might Could occur Could occur Is expected to Will occur
by the on is not
occur occasionally in many occur in most on every
BIR . once in
available (e.g. circumstance circumstances occasion
.ten (10) possibility of s (e.g. (e.g. More (e.g.
. years
 Training happening probable to than once a >90%
(e.g. once a in happened year / chance)
attended
<5%) five (5) every few between 50%
by the years years and 90%
staff in between between 10% chance)
charge. 5% and and 50%
10% chance)
chance)
Rare Unlikely Moderate Frequent Almost Risk Rating
Catastrophic (1) (2) (3) (4) Certain
Catastrophic (5)
(5) (5)
5 10 15 20 25 HIGH – Unacceptable
Management Failure
risk
Major (4)
Major
major material impact on 4 8 12 16 20
(4)
firm/organization, key business
objectives not achieved
Moderate (3) MED-HI – Immediate
IMPACT

attention
Major business effect
Moderate
noticeable impact on 3 6 9 12 15
(3)
firm/organization, some
business objectives not
achieved
Minor (2) MEDIUM – tolerable
Minor risk
2 4 6 8 10
Some impact that is easily (2)
remedied
IFSU-QMS-QMR-F001 Negligible (1) LOW – acceptable
Rev.00(Feb.04,2019) Negligible
1 2 3 4 5 risk
(1)
Impact not visible