OIO - Collection Divisions Monthly Metric Reporting Audit Executive Summary
Office of the Chief Financial Officer
Executive Summary for Closed Reports
Report No. IA:OTR:2907-C12: Final Report on the Review of OTR Collections Division’s Monthly Metrics Reporting, dated January 25, 2010.
Chief Risk Officer’s Risk Assessment
The risks associated with flawed and unreliable business intelligence can lead to ineffective and inefficient operations. While being effective and efficient in its pursuit of collections is an important goal for the OCFO in fulfilling its fiduciary responsibilities, data integrity risks in metrics reporting do not imperil the majority of its collections activities. Therefore, the risk associated with metrics reporting is categorized as Low. However, all OIO recommendations were considered.
Overview of Recommendations
OIO offered six recommendations. All six were implemented to further strengthen existing internal controls.
- The Compliance Administration has created a monthly collection report using data from ITS and no longer uses the “old” CD report.
- All supporting and summarized data used to compile the monthly reports is retained intact by the IT Specialist and stored electronically in order to minimize the chances of loss or inadvertent destruction. This process was implemented in FY11.
- Monthly Collection reports are reviewed and verified for accuracy by the Program Analyst and Division Chiefs, with corrections made as necessary. This practice was initiated in FY11.
- The IT Specialist includes an explanation for the report changes in the footnotes of the spreadsheet submission, as well as within the body of the email containing the spreadsheet attachment. This process was implemented in FY11.
- The Compliance Administration has created a monthly collection report using data from ITS. The IT Specialist has included a tab within the report that details the standardized methodology used to create the report. This was implemented in FY11.
- Reports are created by the IT specialist and reviewed and approved by the Program Analyst and Division Chief each month.
To view the full report, Click: OTR Collections Division’s Monthly Metrics Reporting Full Report