Risk Assessment
| Effective: | 06/21/11 | Approved By: Senior Associate Vice President for Financial Affairs and Chief Financial Officer | |
| Revised: | 01/05/24 |
For Assistance Contact: Controller
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Purpose/Scope
To provide an overview of the risk assessment element of internal control.
Authority
The UTS142 assigns direct responsibility to each institution's 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 analyzing risks to the achievement of UTSA's objectives, including consideration of the potential for fraud and whether the risk relates to a specific department, center, college or the entire university. Identifying and analyzing risks is critical to effective internal control because it is the first step toward responding to and mitigating those risks.
Risk assessment and mitigation should occur at multiple levels within the university. Executive leadership should identify and analyze university-wide risks, and all administrators and department management should be aware of and responsible for mitigating the risks unique to their areas. For more information on UTSA risk assessment and management, see Institutional Compliance and Risk Services.
For an overview of internal control, see fmog.0101.utsa.
Related Forms
None at this time.
