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33 lines
4.4 KiB
Markdown
33 lines
4.4 KiB
Markdown
# Finance Risk Control Matrix
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| No. | R | Category | Risk Event | L | C | F | Cause | Mitigation Type | Mitigation Strategy | L* | C* | Changes | Comments | ES | EY | Evidences |
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| ---- | ---- | -------------------------- | ------------------------------------------------------------ | ---- | ---- | ---- | ------------------------------------------------------------ | --------------- | ------------------------------------------------------------ | ---- | ---- | ------- | -------- | ---- | ---- | --------- |
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| 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 | |
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| 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 | |
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| 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 | |
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| 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 | |
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| 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 | |
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| 6 | CFO | Operational Risk (Finance) | Important information are missing. | 1 | 1 | | | | Budget information are collected from different departments. | 1 | 1 | | | yes | yes | |
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| 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 | |
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| 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 | |
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| 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 | |
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| 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 | |
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## Abbreviations
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* R: Responsible
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* L: Likelihood (1-5)
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* C: Consequence (1-5)
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* L\*/C\*: Likelihood and Consequence after mitigation
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* F: Frequency (many times a day, daily, weekly, monthly, annually)
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* ES: Effective
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* EY: Efficient
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2022-01-01 - Version 1.0firefod
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