Risk Mitigation/Compliance Schedule - Sample Work 1

List Key findings Recommendations Mitigation Responsible Target Date Date Comments/
Plan Achieved Remarks
1 GRANTEE 1 does not The GRANTEE 1 We have it. CEO MARCH 5,
have a corporate Council should ensure We have had a 2018
governance manual to that a governance reviewed one
guide how the Executive manual is developed to since 2014.
Council conduct its guide the activities or We will make
business. The lack of functioning of the sure we share
formal guidance makes it council. The manual a copy with
difficult to assess the should at the minimum FUNDER
performance of the include guidance on (PRIME).
council and members or selection, appointment,
monitor compliances assessment, resignation,
with standards. composition, tenure,
removal of member(s)
from the council,
replacement, meeting
times, quorum,
compensation.
2 GRANTEE 1 has a Conflict of Interest is section l of CEO &
policy on managing one of the portents of that manual FUNDER
conflict of interest (COI) prohibitive practices explains (PRIME)
cases that may arise. such as fraud, bribery conflict of FGM
However, it would be and corruption. interest and
important to develop GRANTEE 1 should how it should
COI policy as well as therefore develop COI be dealt with.
COI disclosure and policy and disclosure FUNDER
reporting forms that forms to improve (PRIME) will
 Risk Mitigation/Compliance Schedule - Sample Work 1

would be completed and conflict of interest share sample

signed by staff and disclosures and reporting CoI template
management to improve with
understanding, GRANTEE 1
management and to assist
reporting of COI. GRANTEE 1
develop the
appropriate
CoI forms
3 GRANTEE 1’s Board Management should We have one CEO AND NOVEMBER
and Top Management is consider appointing female in top BOARD 2018
made up of only males. women representatives management.
This does not promote are appointed to the We currently
gender equality and board and top do not have
inclusiveness management. any woman on
our board. We
have
approached
two leading
women in
Ghana in the
past but they
were on
several other
boards. CEO
will table the
idea once
again at the
 Risk Mitigation/Compliance Schedule - Sample Work 1

next board
meeting in
April 2018.
4 Although GRANTEE 1 GRANTEE 1 should We discussed FUNDER MARCH 5,
has a team of qualified employ an M&E officer this with (PRIME) 2018
staff to ensure successful to support the FUNDER MEL/PIMU
implementation of the implementation of the (PRIME) to
FUNDER (PRIME) FUNDER (PRIME) support us to
project. The existing project recruit an
skills set of the team is appropriate
primarily dominated by support staff.
research, and analysis of Such staff will
oil and gas analysis. The work with our
team does not have accounts
anyone with strong officer and
expertise in project research
results tracking and director to
reporting. GRANTEE 1 ensure
therefore will require the compliance
services of an M&E
Officer to enable them
properly to capture and
report on project
progress and results
5 GRANTEE 1 does not GRANTEE 1 should We are
have standardized, develop a standardised grateful to
entreprise-wide project risk register to ensure FUNDER
 Risk Mitigation/Compliance Schedule - Sample Work 1

risk management consistency and (PRIME) for

register. coherence in capturing, the support
monitoring and
managing risks within
the organisation.
FUNDER (PRIME)
will share risk register
template with
GRANTEE 1
6 GRANTEE 1 has GRANTEE 1’s We will ACCOUNTS MARCH 5,
occasionally breached management ensures ensure that the AND 2018
the WHT regulations in that the appropriate appropriate ADMINISTR
the Ghana Income Tax taxes are withheld from taxes are ATIVE
Act by not withholding all taxable payments. withheld and OFFICERS
taxes or undercharging Management should paid to GRA
WHT on payments done ensure that it obtains the on all
to some suppliers. GRA expert’s advice in payments
may penalise GRANTEE situations where
1 for non-compliance management is unsure of
with the Tax regulations the applicable tax rules
which could affect or tax rates
GRANTEE 1’s going
concern status
7 GRANTEE 1 has The management of We will ACCOUNTS BY MARCH
appointed external GRANTEE 1 should rectify this. OFFICER 31, 2019
auditors and has ensure that it receives We have AND CEO
undergone annual audits the management letters already
 Risk Mitigation/Compliance Schedule - Sample Work 1

since 2014 but of the annual audits in communicated

GRANTEE 1 does not order to discuss ways of to our auditors
have a copy of the addressing any and they have
management letter of weaknesses identified by assured us
these annual audits. the external auditor and they will
Auditors discuss audit track status of provide the
findings verbally with implementation of audit organisation
GRANTEE 1 recommendations. from
henceforth.
We will
endeavour to
share with
FUNDER
(PRIME) such
document as
and when it
becomes
necessary,
during the
cause of
project
implementatio
n.
8 Some procurement done Management should We will ACCOUNTS JUNE 30,
by GRANTEE 1 did not ensure that procurements rectify this OFFICER, 2018
have sufficient carried out are properly going forward. ADMINISTR
supporting supported with all GRANTEE 1 ATIVE
documentation which relevant information or will make sure OFFICER
 Risk Mitigation/Compliance Schedule - Sample Work 1

makes it difficult to documents we adhere to AND CEO.

verify compliance with the laws on
relevant policies or procurement
completeness of the to prevent
transaction. future
occurrences.
9 GRANTEE 1 has an Management of GRANTEE 1 ACCOUNTS,
existing guidance on GRANTEE 1 should will review ADMINSITR
value form money. expand the company’s the VfM ATION AND
However, this guidance VfM framework/policy section of the CEO
is not comprehensive as to include the other VfM manual MAY 31,
it does not address other indicators i.e. accordingly. 2018
important VFM Effectiveness and Equity FUNDER
indicators. GRANTEE 1 (PRIME)
will require FGM & MEL
help from
FUNDER
(PRIME)
FGM/MEL in
this regard
10 It was noted in the Management of GRANTEE 1 ACCOUNTS MARCH 30,
STAR-Ghana monitoring GRANTEE 1 should will ensure AND 2018
report that GRANTEE 1 develop a timesheet and staff k record ADMINISTR
does not keep records of ensure that staff prepare of time spent ATIVE
time spent by project and submit timesheets on the OFFICERS
team on the respective for management FUNDER
project. This makes it approval. (PRIME)
APRIL 1,
difficult to track and project. FUNDER
Risk Mitigation/Compliance Schedule - Sample Work 1

validate time spent by (PRIME) 2018

the staff FUNDER FGM
(PRIME) will
share
timesheet
templates with
enable
GRANTEE 1