Hi Reader,

Getting ready for a risk assessment? Understanding and managing risks is key to ensuring your grant project stays on track from start to finish.

Pre-Award Risk Assessments:
The First Line of Defense

Before any federal grant is awarded, the funding agency conducts a pre-award risk assessment to determine if you’re the “best bet” to complete the planned work. Successfully addressing these key questions can set the stage for strong post-award management:

How will the funds received be tracked?
Do you have written accounting and procurement procedures in place?
How will you track property, inventory, and supplies purchased with grant funds?
Do you have an accounting system capable of tracking all drawdowns and grant expenditures separately by the specific funding source?
Are performance objectives communicated clearly so program staff and others understand the measurement criteria?
What data elements must you collect and track to measure your progress in meeting performance measurements?
What is your record retention policy?

Answering these questions effectively not only increases your chances of securing the grant but also lays the groundwork for effective risk management throughout the grant’s lifecycle.

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Checklist for Comprehensive Risk Management

Once your grant is awarded, the focus shifts to managing risks throughout the project. Use this checklist at any stage of your grant to ensure ongoing success:

Review Financial Controls: Make sure all financial procedures are current and effective.
Evaluate Operational Readiness: Confirm your team and resources are fully aligned to meet your project’s objectives.
Assess Compliance Framework: Ensure you're adhering to all regulatory and grant-specific requirements.
Monitor Subrecipient Risks: Verify that your subrecipients are compliant with grant requirements.
Document and Communicate: Keep detailed records and maintain open communication with all stakeholders.

“You will find that risk and integrity are inextricably intertwined. Both are designed to reduce the risk of waste, fraud, or abuse of grant funds.”

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Stay #GrantReady with MyFedTrainer!

We’re here to support you through every stage of grant management. Whether you're preparing for a risk assessment or managing ongoing risks, our resources are designed to keep you on track.

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Guiding your grant journey,