Accounting Question

Description

PART 1-Job Descriptions

Review each job description for the executive staff at CCH (linked below). Your first task is to adapt the job description of each team member to detail the essential job duties with respect to risk management. Use the provided job descriptions as a starting point for your work. Then add specific risk responsibilities for each person using the COSO framework as a guide.

Only 5 from each position need to be addressed for specific risks.

PART 2-Financial/Operational Risk

This is the first step in developing a risk assessment and management policy. In developing your policy, consideration of risk appetite is critical. Identify the areas of financial and operational risk at CCH. Prepare a policy on how each area of risk should be handled (i.e., assume the risk, mitigate the risk, or transfer the risk).

Prepare a table with the risks that you have identified, level of risk, strategy, and justification for choosing the strategy. You are encouraged to use the balance sheet and income statement as a starting point, but keep in mind there are items not listed on the financials that can also be at risk. For example, the reputation of the company, HIPAA, or key employees. Below is a suggested format but feel free to add additional columns as needed.

Risk Area – Cash

Level of Risk – Low

Strategy (Assume, Mitigate, Transfer) – Assume cash consists of bank deposits federally insured

Risk Area – Vehicles

Level of Risk – Medium

Strategy (Assume, Mitigate, Transfer) – Assume physical damage, transfer liability risk