*** This version of Confluence is for testing only and contains a copy of content from June 29th 2026. No changes will be preserved. ***
Student and Campus Life conducted a risk assessment based on inherent risk and control effectiveness to determine risk likelihood.
For a copy, please see: SCL Risk Assessment 3-31-24
Inherent risk
is the susceptibility of a financial process to misstatement, without consideration of any compensating internal controls.
Scale | Definition | Factor |
High | Involves complex calculations, significant judgment, use of estimates, potential future uncertainty , assets susceptible to misappropriation, or management incentive to misstate financial reporting. | 10 |
Moderate | Involves relatively simple calculations, minimal judgment, and a limited risk of misappropriation of assets or financial misstatement. | 5 |
Low | Involves little to know professional judgement or estimates, and consists of specific transaction prices which are not subject to potential uncertainty. |
2 |
Control
Effectivenesseffectiveness represents how effective the current internal controls in place within a financial process are expected to be in preventing a financial misstatement from taking place or detecting it in a timely manner.
Scale | Definition | Factor |
High | There are highly effective processes currently in place to mitigate the risk of potential errors, and no issues have been noted during the past three years. | 0.4 |
Moderate | There are processes in place to address potential errors, but there have been one or more issues noted within the past three years. | 0.6 |
Low | There are no processes currently in place to specifically address potential errors within the transaction cycle. | 0.9 |
Risk
Likelihood
likelihood represents the probability that a process will result in a financial misstatement
Scale | Definition |
Value |
High |
There are highly effective processes currently in place to mitigate the risk of potential errors, and no issues have been noted during the past three years.
0.4
Moderate
There are processes in place to address potential errors, but there have been one or more issues noted within the past three years.
0.6
Low
There are no processes currently in place to specifically address potential errors within the transaction cycle.
0.9
Almost certain to occur within the fiscal year | 8 - 10 | |
Moderate | May occur within the fiscal year | 4 - 7 |
Low | Not likely to occur within the fiscal year | 1 - 3 |