The Bottom Line - Winter 2019 - 23

The existing System of Accounting and
Reporting (SOAR) has many manual processes associated with it. The OCFO has
embraced a cloud-based solution to improve
business processes, and operations to further enhance the effectiveness and delivery
of public services. While risk cannot be eliminated entirely through automation, the OCFO
has taken steps to reduce or mitigate the
District's exposure to the risk of data loss and
to prevent and deter fraud and losses. (See
"Adapting to the Speed of Change.")
THEME 2: ESTABLISH THE
ENTERPRISE RISK MANAGEMENT
FRAMEWORK
Establishing an integrated Internal Control
Program (ICP) framework during the transition
to the DIFS will help the OCFO to connect
business activities to support management
across the District. The five ICP objectives
are
* Establish a governance structure
* Perform periodic risk assessments
* Communicate information consistently and
completely
* Ensure policies and procedures exist and
are current to help management carry out
their risk duties effectively, and
* Monitor business process activities.
The OCFO will work with stakeholders to
seek and evaluate future processes for deficiencies. Additional manual monitoring of
controls will be implemented if deficiencies cannot be mitigated solely through
automated controls. (See "Boosting Risk
Monitoring.")

Adapting to the Speed
of Change
The OCFO will take the following steps
to recognize the speed of change and
reduce risk in the DIFS by:
1. Building a sophisticated risk
management financial reporting
compliance and advanced controls
framework.
2. Collaborating with the project's change management
and Independent Verification &
Validation teams to establish a risk
management methodology to limit
disruption to the OCFO Strategic
Objectives.
3. Identifying who is responsible for
specific risk and control activities
for each office or administration.
4. Getting involved in the risk identification and mitigation practices
upfront.
5. Building a sophisticated process to identify immaterial risk
to material risk (End to End
Processing) and establish continuous monitoring.
6. Building relationships and collaborating with other risk management agencies within the District to
streamline processes.

WINTER 2019 | 23

The Bottom Line - Winter 2019

Table of Contents for the Digital Edition of The Bottom Line - Winter 2019