# Finance Risk Control Matrix

| No.  | R    | Category                   | Risk Event                                                   | L    | C    | F    | Cause                                                        | Mitigation Type | Mitigation Strategy                                          | L*   | C*   | Changes | Comments | ES   | EY   | Evidences |
| ---- | ---- | -------------------------- | ------------------------------------------------------------ | ---- | ---- | ---- | ------------------------------------------------------------ | --------------- | ------------------------------------------------------------ | ---- | ---- | ------- | -------- | ---- | ---- | --------- |
| 1    | CFO  | Operational Risk (Finance) | The company doesn't have a budget as a basis for their operations. | 1    | 1    |      |                                                              |                 | The deadline for the budget finalization is defined with enough time until the new business year starts. | 1    | 1    |         |          | yes  | yes  |           |
| 2    | CFO  | Operational Risk (Finance) | The budget is not approved/reviewed.                         | 1    | 1    |      |                                                              |                 | The budget must be approved by the management.               | 1    | 1    |         |          | yes  | yes  |           |
| 3    | CFO  | Operational Risk (Finance) | No approved budget.                                          | 1    | 1    |      | Budget amendments are necessary. Budget didn't get finished on time. |                 | The management can approve a intermediate budget until the final budget is created and approved. | 1    | 1    |         |          | yes  | yes  |           |
| 4    | CFO  | Operational Risk (Finance) | The responsibilities during the budgeting process are not defined. | 1    | 1    |      |                                                              |                 | The tasks and responsibilities are defined in a budget checklist. | 1    | 1    |         |          | yes  | yes  |           |
| 5    | CFO  | Operational Risk (Finance) | The budget is not broken down on a monthly basis making it difficult to validate the performance. | 1    | 1    |      |                                                              |                 | The budget is split up on a single month basis.              | 1    | 1    |         |          | yes  | yes  |           |
| 6    | CFO  | Operational Risk (Finance) | Important information are missing.                           | 1    | 1    |      |                                                              |                 | Budget information are collected from different departments. | 1    | 1    |         |          | yes  | yes  |           |
| 7    | CFO  | Operational Risk (Finance) | The monthly closing tasks are not well defined.              | 1    | 1    |      |                                                              |                 | A monthly closing checklist exists defining the responsibilities. | 1    | 1    |         |          | yes  | yes  |           |
| 8    | CFO  | Operational Risk (Finance) | The annual closing tasks are not well defined.               | 1    | 1    |      |                                                              |                 | An annual closing checklist exists defining the responsibilities. | 1    | 1    |         |          | yes  | yes  |           |
| 9    | CFO  | Operational Risk (Finance) | The annual financial audit tasks are not well defined.       | 1    | 1    |      |                                                              |                 | An audit checklist exists defining the responsibilities.     | 1    | 1    |         |          | yes  | yes  |           |
| 10   | CFO  | Operational Risk (Finance) | The reporting tasks are not well defined.                    | 1    | 1    |      |                                                              |                 | A reporting checklist exists defining the responsibilities.  | 1    | 1    |         |          | yes  | yes  |           |

## Abbreviations

* R: Responsible

* L: Likelihood (1-5)

* C: Consequence (1-5)

* L\*/C\*: Likelihood and Consequence after mitigation

* F: Frequency (many times a day, daily, weekly, monthly, annually)

* ES: Effective

* EY: Efficient

2022-01-01 - Version 1.0firefod