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Section 1: Internal Control

Risk Assessment

Effective Date:

6/21/11

Approved By:

Lenora Chapman, Associate Vice President for Financial Affairs

Last Revised On:

05/06/2016

For Assistance Contact:

Assistant Vice President, Financial Affairs and Controller

 

PURPOSE/SCOPE

To provide an overview of the Risk Assessment element of internal control.

AUTHORITY

University of Texas (UT) System policy UTS142.1 - Policy on the Annual Financial Report assigns direct responsibility to the Institutional Financial Reporting Officer to establish internal controls over the preparation of the Annual Financial Report. Risk assessment is an essential element of internal control.


UNIVERSITY GUIDELINES

Risk assessment involves identifying and assessing risks to the achievement of University of Texas at San Antonio (UTSA) objectives, including consideration of the potential for fraud, whether the risk relates to a specific department, center, college or the entire university.  

Risk assessment and mitigation should occur at multiple levels within the university. Executive leadership should identify and assess university-wide risks, and all administrators and management should be aware of, and mitigate, the risks unique to their areas. Identifying and assessing risks is critical to effective internal control because it is the first step toward responding to and managing those risks. For more information on UTSA risk assessment and management see Institutional Compliance and Risk Services.

For an overview of internal control see Financial Management Operational Guideline - Internal Control Overview.


DEFINITIONS

Term Description

Financial Reporting Officer

The UTSA Associate Vice President for Financial Affairs is designated as the Financial Reporting Officer.

REFERENCES/LINKS

RELATED FORMS/WORKSHEETS

None at this time.


REVISION HISTORY

Date Description

5/06/16

Update to The University Guidelines.

6/21/11

Published new statement.


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Operational Guidelines

Helpful Links