Kentucky State University
Risk Assessment
Fiscal Year 2012 - 2013 (continued)
| Risk Assessment Based on Procedures |
| Cycle | Performed | Impact | Likelihood |
|---|
| IT | We noted high overall risk in the Information Technology cycle. There is a pervasive reliance on information technology at the University. Upon review of the cycle it was noted that there are a number of recommendations the University should consider addressing to ensure assets are properly safeguarded and operations will continue in the event of an emergency situation. | Significant | Medium |
|---|
| G | We noted moderate overall risk in the Land and Other Grants cycle. The University should consider strengthening controls related to budgetary and expense review by Principal Investigators within the College of Agriculture, Food Science, and Sustainable Systems. | Significant | Low |
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| T&E | We noted low overall risk in the Travel & Entertainment cycle. The implementation of the Concur Expense system appears to be operating with appropriate monitoring. | Minor | Low |
|---|
| PP | We noted minor overall risk in the Payroll and Personnel cycle. Controls over manual checks and bank reconciliations should be strengthened. | Moderate | Low |
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| CA | We noted moderate overall risk in the Capital Assets cycle. Inventories should be scheduled regularly and asset tags should be assigned to individually significant assets. | Moderate | Medium |
|---|
| SFA-E | We noted a low overall risk in the Student Financial Aid cycle related to the area of student eligibility. Automated controls through the National Student Loan Database System (“NSLDS”), along with procedure in place within the financial aid office appears to be operating effectively in relation to eligibility for student financial aid. | Moderate | Low |
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