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Yet Another Presentation on Risk

Yet Another Presentation on Risk. US Department of Education Phil Maestri. 2012 AEFFA Annual Conference Nashville Tennessee. When Can You Get off High-risk?. Audits on time Clean opinions Minimal findings Working controls Subgrantee monitoring. Metro Nashville Public Schools.

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Yet Another Presentation on Risk

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  1. Yet Another Presentation on Risk US Department of Education Phil Maestri 2012 AEFFA Annual Conference Nashville Tennessee

  2. When Can You Get off High-risk? • Audits on time • Clean opinions • Minimal findings • Working controls • Subgrantee monitoring

  3. Metro Nashville Public Schools • April 28, 2008 – high risk designation • Partnership with TDE • Re-establish financial and procurement systems • New and strong internal controls • November 18, 2011 • MOA agreed to continuing actions • Removed HR designation

  4. New Expectations • Risk-based analysis • Data-driven decision making • Financial-focused monitoring

  5. What’s the Point of Risk Assessment? • Not to rank or rate for punishment • Identify • What do we do next? • Who needs help? • Best use of scarce resources • Remove obstacles to mission achievement

  6. Risk Predictors RMS’ new tool

  7. Measure Success Align with strategic plan Needs for T/A or oversight Financial Monitoring Gathers data Decisions across programs Program Risk Elements

  8. Why Financial Monitoring? • Always been a requirement of program offices • EDGAR Part 80 financial system requirements • Assurances you signed • Increased attention on accountability

  9. Challenges at ED • Lack of resources • Programs lack financial expertise • Lack of standardized protocols across programs

  10. What’s Happening Now? • Increased attention by program offices on financial monitoring • Training within ED on financial monitoring skills • Some offices use contractors • Whole new set of challenges

  11. Where We’re Headed • Standard protocol for financial monitoring • Potentially only one program looks at financial issues and shares findings across programs • Reduce redundancy for you • Reduce burden for both

  12. Financial Monitoring Highlights • Review of policies • Funds distribution • Indirect cost rates and calculations • Cash management and interest earned • Procurement and property management • Time distribution • Internal controls

  13. Next steps • Not finalized yet • Solicit informal comments • Procedures within ED

  14. Want to Help? • Contact: • Jeanette Lim: Jeanette.lim@ed.gov • Iyauta Moore: Iyauta.moore@ed.gov • Phil.maestri@ed.gov

  15. Questions?

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