|Effective:||06/21/11||Approved By: Sr. Associate Vice President for Financial Affairs and Deputy CFO|
For Assistance Contact: Sr. Associate Vice President for Financial Affairs and Deputy CFO
To provide an overview of the Risk Assessment element of internal control.
The UTS142.01 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.
Risk assessment involves identifying and analyzing risks to the achievement of The University of Texas at San Antonio (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 management should be aware of, and mitigate, 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.
None at this time.
|04/16/19||Updates to header and University Guidelines sections. Minor editorial amendments.|
|05/06/16||Update to The University Guidelines.|