Audit of Business and Regulatory Law – British Columbia Regional Office
October 03, 2012

Appendix B – Risk Assessment Guidelines Table note *

Assessment Significance Level and Impact
High

Immediate Management Attention Required

IMPACT

  • Weaknesses exist that could impact the Department’s financial statements, reputation and/or the Department’s goals or objectives.
  • Weaknesses could impact the Department’s efficiency and effectiveness of operations.
  • Risk to the Department is significant.
Medium

Monitoring and Mitigation Required

IMPACT

  • Weaknesses exist that could impact the entity’s financial records, the entity’s reputation, the entity’s goals or objectives or the efficiency and effectiveness of the entity’s operations.
  • Risk to the Department is moderate.
Low

Improvement Required

IMPACT

  • Opportunities are identified that could enhance operations by improving efficiency, effectiveness or control.
  • Risk to the Department is low.
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