Kentucky Community and Technical College System - Risk Guide 2008

Introduction

In the world of business operations in a higher education setting, an employee may be faced with unforeseen circumstances on any given day or even on a daily basis.  The best defense against these unforeseen circumstances is to limit their occurrence by being proactive.  The best way to be proactive is to properly educate employees about the risks that are inherent to specific business operations, as well as those that arise due to irregularities in the business process, and how these risks can be mitigated. 

We, the Office of Audit Services, feel it is our duty as a part of the risk management process to facilitate the education of all KCTCS employees in these areas of business risk.  Last year, we introduced the Internal Control Guide and posted it to the Internal Audit section of the KCTCS website.  This guide serves as a reference tool for Best Practices in several core areas of the business process, and should be referenced on a periodic basis or as a supplement when completing the annual Internal Control Questionnaire, also located on the KCTCS website. 

This year, we would like to introduce the Risk Guide, also to be used as a reference tool.  This guide, as it will also be posted to the Internal Audit section of the KCTCS website, will be in the form of an Excel spreadsheet.  We have taken the same core areas of the business process as used in the Internal Control Guide and developed a listing of some of the main risks associated with each area (RISK AREA).  With a quick click on any one of the Risk Areas you would like to view (instructions on how and where to “click” are included on the Excel Spreadsheet), you will open a list of the associated risks.  Again, with a quick click on any one of the risks, a list of compensating controls will be opened.  Any KCTCS employee will have access to the valuable information contained within the Risk Guide.

As with last year’s Internal Control Guide, the Risk Guide is NOT to be confused with official KCTCS policies and procedures.  Also like the Internal Control Guide, the Risk Guide will be a live document.  We, the Office of Audit Services, encourage and welcome feedback from KCTCS employees as to updates or changes that may be necessary due to the ever changing world of business operations in higher education.  Each of our contact information is also located on our website (see previous paragraph for address).

KCTCS Office of Audit Services

Glenn Paige, Director
Lisa G. Bell
Brian M. Higgs

Download Risk Guide 2008 [Excel]