U-Risk® Overview - Treasury Regulations


  • Section 3.2.1 and Section 27.2.1

  • “The accounting officer / authority must ensure that a risk assessment is conducted regularly to identify emerging risks of the institution / public entity. A risk management strategy, which must include a fraud prevention plan, must be used to direct internal audit effort and priority, and to determine the skills required of managers and staff to improve controls and to manage these risks. The strategy must be clearly communicated to all officials to ensure that the risk management strategy is incorporated into language and culture of the institution / public entity.