A successful risk management strategy requires a strong internal control environment. The RCM format emphasizes that strong and risk-oriented internal control environments are often optimized with automated/manual controls, depending on the situation.

An RCM provides an overview of different control objectives that organizations should take into consideration and the corresponding controls to safeguard the company against risks, which may arise if not checked timely. Once customized to an organization, this document can help the user in assessing each control. The control assessment can then also be summarized to develop an action plan.

This document outlines risks and controls common to 3.5.7 Manage & Administer Benefits, specifically focusing on COBRA, in a risk control matrix (RCM) format.

Sample risks include:

• All required notifications are not sent and received in the required time frame.
• Employees are not aware of their rights under the group health plan or COBRA.
• Non-qualifying employee receives COBRA benefits or qualifying employee receives improper COBRA coverage (benefits or length).
• Policies and procedures are not updated to reflect government alterations to COBRA.
• The company is not in compliance with the rules and guidelines established by COBRA.

This document can be used as a sample RCM and is not meant to be an exhaustive list of risks and controls. The KnowledgeLeader team will periodically update this RCM with new content. Organizations should select, update and modify the risks and controls included in this document to ensure that it reflects business operations.