1) There is a lack of monitoring of the data backup process for CCTV records at branches, exposing the company to risks. The risk officer met with relevant heads to understand the CCTV process and responsibilities. A recent incident showed the failure of the ineffective CCTV process. Branches should monitor the CCTV recording and backup tasks.
2) The head of admin does not have systematic recording of branch setup costs in Excel. This makes it difficult for risk assessments of procurement expenses and allows potential fraud risks. The head of admin must keep procurement and expense data ready.
3) When asked, the head of admin did not have data on actual and estimated expenses for new and old branch procurements and renovations
1) There is a lack of monitoring of the data backup process for CCTV records at branches, exposing the company to risks. The risk officer met with relevant heads to understand the CCTV process and responsibilities. A recent incident showed the failure of the ineffective CCTV process. Branches should monitor the CCTV recording and backup tasks.
2) The head of admin does not have systematic recording of branch setup costs in Excel. This makes it difficult for risk assessments of procurement expenses and allows potential fraud risks. The head of admin must keep procurement and expense data ready.
3) When asked, the head of admin did not have data on actual and estimated expenses for new and old branch procurements and renovations
1) There is a lack of monitoring of the data backup process for CCTV records at branches, exposing the company to risks. The risk officer met with relevant heads to understand the CCTV process and responsibilities. A recent incident showed the failure of the ineffective CCTV process. Branches should monitor the CCTV recording and backup tasks.
2) The head of admin does not have systematic recording of branch setup costs in Excel. This makes it difficult for risk assessments of procurement expenses and allows potential fraud risks. The head of admin must keep procurement and expense data ready.
3) When asked, the head of admin did not have data on actual and estimated expenses for new and old branch procurements and renovations
1) There is a lack of monitoring of the data backup process for CCTV records at branches, exposing the company to risks. The risk officer met with relevant heads to understand the CCTV process and responsibilities. A recent incident showed the failure of the ineffective CCTV process. Branches should monitor the CCTV recording and backup tasks.
2) The head of admin does not have systematic recording of branch setup costs in Excel. This makes it difficult for risk assessments of procurement expenses and allows potential fraud risks. The head of admin must keep procurement and expense data ready.
3) When asked, the head of admin did not have data on actual and estimated expenses for new and old branch procurements and renovations
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Administration Risk Observations
Observation 1 IT Risk (People Risk) Risk Description Admin Assistant is currently responsible for data backup of CCTV records but there is lack of who is responsible for monitoring thereby expose our branches to risk of effective prevention and monitoring of branches external and internal threats.
Risk Approach Risk Officer talked with Head of Admin and IT to understand the CCTV process and who is responsible to do what activities.
Potential Outcomes Recent incident at Kyone Pyaw branch of cashier suspecting behaviors at vault room and lack of evidence of CCTV record is an example of the failure of our ineffective CCCTV process and individuals involved in CCTV monitoring process.
Risk Strategy and Action Plan:
By Mitigate and Control, Because of lack of monitoring person of Admin Assistant’s tasks to backup CCTV records, incidents could happen at branches. Therefore, respective BMs from each branches should check and monitor the CCTV recording and backup tasks and make sure no one is tempering with CCTV record data.
Observation 2 Administration Risk (Process Risk)
Risk Description Head of Admin do not have systematic data recording of each branch’s cost to set up on excel file.
Risk Approach Talked with Head of Admin.
Potential Outcomes Because of lack of systematic data recording of expenses of procurement stuffs in excel file, it is difficult for Risk Officer to do risk assessment of procurement expenses. Potential fraud risk is possible in procurement process.
Risk Strategy and Action Plan:
By Mitigate and Control, Head of Admin has to keep necessary procurement and admin related expenses data. He must be ready to show those data for risk assessment in the future. Observation 3 Administration Risk (Process Risk)
Risk Description When Risk Officer asked Head of Admin about if he can show me the actual expenses and estimated budgets for procurements and renovation of new and old branches expenses. He said he do not have those data on excel spreadsheets.
Risk Approach Talked with Procurement Committee and Head of Admin.
Potential Outcomes Risk Officer is unable to do risk assessment on Admin Department because of lack of necessary data support from Head of Admin on procurement for setup of branches’ expenses.
Risk Strategy and Action Plan:
By Mitigate and Control, Head of Admin need to be more organized and systematic on procurement process, data keeping and recording, assignment of task to admin officers to prevent fraud and mismanagement from happening.
Observation 4 Administration Risk (Process Risk)
Risk Description Head Office staffs have wrong attitude towards audit and risk department. They think that Audit and Risk department are finding faults with them and not willing to comply and support when asked by risk officer with necessary data.
Risk Approach Talked with Procurement Committee and Head of Admin.
Potential Outcomes Difficult to do risk assessment effectively on Admin Department because of difficulty of co- operation with Head of Admin.
Risk Strategy and Action Plan:
By Mitigate and Control, Tone at the top is important in an organization to make head office staffs more cooperative and communicate with each other for team work. Observation 5 Admin Risk (People Risk) Risk Description Risk Officer found out that Admin and Finance Department are not taking responsibility of who is responsible for safe keeping and monitoring of the company assets and inventory.
Risk Approach Risk Officer talked with Admin and Finance Department persons.
Potential Outcomes Since the lack of responsible person to take care of company asset and inventory after purchasing, Potential fraud and loss of company asset is possible during branches’ renovation and setting up of Branches such as furniture, computers, Office equipment and other expenses.
Risk Strategy and Action Plan:
By Mitigate and Control, Since Admin and Finance Department persons are two key person in fixed asset control process, CFO should monitor and assign responsible person to make fixed asset control process more systematic and transparent for auditors and risk officer’s observations and risk assessments.
