Risk Assessment
Bank Secrecy Act, Member ID Program, & OFAC Complance
Risk Assessment No.:RA-24-2024
Delete This Risk Assessment
Status:Validation
Due Date:11-16-2016 Edit
Accountable Managers:Johnny Bench, George Foster Edit
Status:Validation
Due Date:11-16-2016 Edit
Accountable Managers:Johnny Bench, George Foster Edit
Display Audit Trail
Return to Previous Reviewer
Add Another Reviewer
Business Unit Routing
- Clark Kent
- PreviousJoan Collins
- CurrentRinTinTin
- NextChipper Jones
- Bo Bice
- Adam
- J-Lo
- Marky Mark
Risk Assessment
Please consider the risk categories and definitions, and rate the risk in your department/process "High", "Medium", or "Low". If a risk category is not applicable, please respond "N/A". Consider the reisk if no internal controls or mitigating factors were in place.| Risk | Definition | Bus. Unit Response | Audit Override? |
|---|---|---|---|
| Credit Risk | Risk of default on expected repayment of loans or investments. | Medium | |
| Interest Rate Risk | Risk that changes in market rates will negatively impact the income statement and balance sheet. | High | |
| Liquidity Risk | Risk of an inability to fund obligations as they come due. | Low | |
| Transaction Risk | Risk of fraud or operational problems in transaction processing that results in an inability to deliver products, remain competitive, and manage information. | Medium | |
| Compliance Risk | Risk of violations and non-compliance with applicable laws and regulations resulting in fines, penalties, payment, or damages. | Low | |
| Strategic Risk | Risk of adverse business decisions through management’s actions or inactions. | Low | |
| Reputation Risk | Risk of negative public opinion or perception leading to a loss of confidence and/or severance of relationships. | Medium |
Additional Risk Assessment Questions
In your opinion, what are the highest risk departments, functions, or processes at the credit union at this time? Why?This is stream of consciousness text to show what it might look like with the Business Unit's reply in here - presumably not editable by the audit team? I'm not sure this is right, but it is a logic guess. I hope.
Please list any significant changes you anticipate in the next year. For example, new systems, staffing, products, etc.This is stream of consciousness text to show what it might look like with the Business Unit's reply in here - presumably not editable by the audit team?
Please use the space below to make any further comments, notes, or statements that may be useful to Internal Audit.
Scoring
Calculated Risk Rating:Medium
Final Audit Risk Rating Override?: *Please explain any/all overrides below
Additional Detail on overrides, plus any other relevant notes:Here is my response. It is quite long so it will take up more than one line. Perhaps even two or three lines. Depends on how much text I write in order to make this answer long enough to wrap. Edit