Risk Register

Department Accounting
Date of Update October 20, 2017

Risk Strategic Plan / Mitigation Adjusted

Probability of Adjusted Residual
Process/Step Description of Risk Existing Control Source Classification Impact Risk Level Treatment Plan / Responsibility Probability of Contingency Plan
Occurrence Impact Risk
Strategy Controls to Implement Occurrence

Catastrophic
Almost Certain Catastrophic
(5) Avoid Almost Certain (5)
(5) Exteme, (5) Exteme,
A “newspaper headline” style statement. Also Major (4) Transfer What can be done to prevent Who is responsible Likely (4)
Internal Likely (4) High, Major 4) High, What could be done to minimize the impact if
identify relevant triggers that may cause the risk to Positve/Negative Moderate (3) Share the risk being realized? How for undertaking each Possible (3)
/External Possible (3) Moderate, Moderate (3) Moderate, the risk is realised
be realised Minor (2) Mitigate can the impact be lessened? mitigating action(s) Unlikely (2)
Unlikely (2) Low Minor (2) Low
Insignificant Accept Rare (1)
Rare (1) Insignificant (1)
(1)

Poor time record keeping could have an adverse Efficient utilization of the No contigency plan needed since adjusted
Time record keeping of Attendance monitoring Internal
effect to the payroll of part-time employees and/or - 3 3 9 Mitigate implemented biometric Accounting staff 1 1 1 impact of risk is insignifant and residual risk is
part-time employees sheet
the school. system. reduced to low.

Register all part-time

employees in the biometric
system.

Review and evaluate hiring

HR staff
proces.

Scheduled preparation
Proper observance of the
of students statement No contigency plan needed since adjusted
Updating of students Unavailabilty of updated students account that schedule for preparation of
ofaccount prior to Internal - 3 4 9 Mitigate Accounting staff 1 1 1 impact of risk is insignifant and residual risk is
account. affects collectibility. students statement of
scheduled reduced to low.
account.
examination.

Review of cash receipts

Errorneous recording of student payments could Restricted access on journal once a week. Tracing No contigency plan needed since adjusted
result to overstatement/understatement of students the accounting system Internal - 3 4 9 Mitigate source documents to records Accounting Staff 1 1 1 impact of risk is insignifant and residual risk is
account. . to detect erroneous reduced to low.
recording.