Risky Business
An issue that could impair the ability of the organization to achieve its objectives
What is Risk?
These security controls for safes must be changed when an employee who knows them leaves
What is a combination?
They are responsible for developing an appropriate system of internal controls
Who is Management?
Each cashiering employee should have a unique one
What is an ID?
This process manages the entire range of threats to the well-being of an institution
What is Risk Management?
Kind of bank account that must be used for university deposits
What is authorized?
These controls provide evidence that a loss has occurred - after the fact
What are Detective controls?
These should never be shared
What are passwords?
Insurance and third party vendors are used to _____ risk
What is transfer?
Used to determine whether all cash receipts have been accounted for
What is reconciliation?
A type of control that attempts to deter or stop undesirable events from occurring
What are Preventative Controls?
This type of detective control involves physically counting items
What is inventory?
Tools to reduce or mitigate risk
What are Internal controls?
A prospective employee who will be handling cash should have one prior to employment
What is background check?
According to this control, no single individual should have authority over two or more phases of a transaction
What is Segregation of Duties?
When a password is changed, users receive this
What is an email notification?
Determines areas of potential risks before an audit occurs
What is a risk assessment?
To reduce the risk of theft, cash must be transported in this manner
What is double custody?
An intentional act to deprive another of property or money through unfair means
What is Fraud?
An audit which reviews system access and back-ups
What is an IT Audit?