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Risk Identification and Assessment Worksheet

The Office of Audit, Compliance & Ethics (OACE) conducts annual risk assessments for theUniversitysStorrs, Regional, and UConn Health campuses. This formal process is intended to

identify and assess risks to the University on an ongoing basis. Integral to the risk assessment

process is the identification of mitigating strategies, internal controls, and monitoring processesthat are necessary to reduce/eliminate unwanted outcomes, ensure compliance with requirements

imposed by state and federal regulations and other accrediting organizations, and enhance the

achievement of long-term University goals.

OACE initiates the risk assessment process by asking senior administration, and academic and

administrative management to identify the risk areas with the highest potential impact on the

mission, goals and objectives of his/her respective area, as well as the existing or plannedinternal controls employed to mitigate the risks identified.

Following is a Risk I denti f ication and AssessmentWorksheetwhich will provide you with a

vehicle to organize and document the risk assessment for your department / unit. Please includethe highest 5 to 10 risks on the worksheet in the risk area that seems appropriate, as well as the

actions or processes, used or planned, to manage and monitor each of the risks identified.

Common risk factors include decentralized operations, personnel changes, budgetary constraints,new systems, regulatory requirements, industry issues and federal and state legislative

environment.

The information gathered will be integrated into a confidential summary document that will be

provided to senior administration and the Joint Audit & Compliance Committee of the Board of

Trustees. In addition, the results of this process will be used as the basis for future audit and

compliance work plans.

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Department / Unit: ____________________________ Prepared by: _____________________________

Date: ____________________________________

Instructions:

In the context of the mission, goals and objectives of the department / unit that you manage or support

and the University as a whole, describe the following where applicable:

A. Operational Risks including Information Technology related to ongoing departmental / unit processes

and procedures, information systems and equipment

Risks Internal Controls / Mitigating Strategies

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B. Compliance Risks related to internal policies and state and federal regulations, safety and

environmental issues

Risks Internal Controls / Mitigating Strategies

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C. Financial Risks related to funds, resources, equipment and potential fraud

Risks Internal Controls / Mitigating Strategies

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D. Strategic Risks related to the achievement of the Universitys mission and long term goals

Risks Internal Controls / Mitigating Strategies

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E. Reputational Risks related to public perception, political issues or brand

Risks Internal Controls / Mitigating Strategies