When considering which risk assessment
technique would work best for your agency, consider the following:
· …Your
Agency, your risk.
o
The final outcome of the risk
assessment should be pertinent to your agency, your agency’s function,
activity, or process.
· Many
better than fewer.
o
Focus on a wide array of techniques
instead of a small sampling. A wider
array will give you better insight to the risks your agency faces as different
techniques foster different outcomes.
· Check
the personalities at the door.
o
Open and honest discussion should
be promoted whichever technique is used.
Subordinates should feel comfortable disclosing a potential weakness in
Internal Controls with Managers without the threat of retribution.
· Go
Team!
o
Assemble an Internal Control team
when beginning to evaluate the risks your agency faces. The team should consist of members ranging
from all aspects of the organization. Diversity
and cross-functional are key words in describing team membership. In small agencies, the team may be 3 or 4 (or
fewer) members; larger agencies may have 6-10 (or more) members, depending on
the needs of the agency.
· Victory!!!
o
A successful evaluation will
produce a lengthy list of risks. The
key objective for the team is to sift through the risks, determine the
difference between a legitimate risk and a mere complaint, and to focus on the
“ vital few” instead of the “trivial many.”