Risk Assessment Matrix
| Risk Assessment Based on Procedures | |||
| Cycle | Performed | Impact | Likelihood |
|---|---|---|---|
| SFA-D | We noted a low overall risk in the Student Financial Aid cycle related to the area of disbursements. Procedures in place within the financial aid office appear to be operating effectively in relation to disbursements. | Minor | Low |
| SFA-R | We noted moderate overall risk in the Student Financial Aid cycle related to the area of return of Title IV funds. The University should consider strengthening controls related to monitoring of student withdrawal dates and receivables that could have a direct and material effect on the amount of Title IV funds that are required to be returned. | Moderate | Medium |
| SFA-IE | We noted a low overall risk in the Student Financial Aid cycle related to the area of institutional eligibility. This result excludes any testing related to consortium agreements which are still ongoing. Procedures in place within the financial aid office appear to be operating effectively in relation to institutional eligibility of student financial aid. | Minor | Low |
| GC | We noted minor overall risk in the General Controls cycle. Controls over certain Human Resources procedures should be strengthened. | Minor | Low |
| G | We noted moderate overall risk in the Land and Other Grants cycle. The University should develop a policy and associated procedures to strengthen controls related to budgetary and expense review by Principal Investigators. Furthermore, the process for obtaining formal approval of budget amendments is in need of improvement. | Moderate | Medium |
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