The Bottom Line - Winter 2019 - 24

Boosting Risk Monitoring
Below are a few steps that the OCFO can take to boost risk IQ that will effectively
monitor business process activities for DIFS:
1. Compare current risks practices within your
office or administration against the five ICP
objectives. How do the current attributes of
your risk practices fall within each of the five
objectives?
2. Gain clarity of how operational, reporting,
and compliance risks will be addressed in the
OCFO risk management process.

THEME 3: THINKING ABOUT AND
COMMUNICATING RISK
Risk management awareness and effective
communication of risk will help identify vulnerabilities for an immediate response. (See
"Thinking risk management in DIFS.")
THEME 4: CONTINOUS MONITORING
OF CONTROLS
As our organization embarks on this new
era, we will identify key business process
deficiencies during the transition phase to the
new system. The ICP consists of a set of riskbased approaches and tools that will help
executives and managers monitor their business processes and key activities to ensure
they are executed properly during the normal
course of business.

3. Review the smaller recurring risks for potential surprises. Look for a larger pattern or
theme that could signal additional risks.
4. Develop strategies to reduce known risk
impacts to your office or administration to an
acceptable level.

Thinking Risk
Management in DIFS
The OCFO will take the following steps to
think about and communicate risk:
1. Ensure that responses to identified
risks are incorporated into office or
administration's operations.
2. Identify enhancements to existing
controls as processes evolve.
3. Work with subject matter experts to
validate the overall risks and impacts to
the office or administration.
4. Review trends in key functional
areas to determine their impact and
opportunities.
5. Flesh out implications of major vs.
minor risk assumptions for operations,
financial reporting, and compliance
processes.
6. Have regular sessions to identify,
implement, and track responses to risks.

THE BOTTOM LINE



The Bottom Line - Winter 2019

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