Risk assessment checklist – Inventory of material….

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Risk assessment checklist – Inventory of Material

SR.NO. CHECK POINTS YES NO NA REMARK
1. Do you maintain complete and accurate records of product stored and available for shipment?
2. Are you monitoring production problems related to out-of-stock materials?
3. Are you communicating effectively with procurement about the operation’s needs for materials?
4. Are you summarize material requirements and submit them to receiving periodically?
5. Are you maintaining material routing requirements for received items?
6. Are you providing inbound activities with no routine material routing instructions?
7. Are you periodically reviewing existing and revised specifications?
8.

Are you monitor and analyze production problems related to material specifications? Examples of performance indicators include comparing current period data on production stoppages and slowdowns, rush orders, spoilage, and material price and quantity variances to prior-period history, peer or industry data, budgets, or other pre-established goals.

9. Are you monitoring material price variances?
10. Are you ensuring that materials received and related information are processed and promptly made available to production, stores or other departments?
11. Are you comparing materials received, including verification of quantities received, to properly approved purchase orders? Are you accept only items that were properly ordered?
12. Are you safeguarding goods received? Are you segregating custodial and record-keeping functions?
13.

 

Are you maintaining accurate perpetual inventory records?
14. Are you periodically count materials on hand, reconcile with perpetual records and investigate any differences?
15. Are you ensure that all material transferred from the receiving activity to other activities is recorded?
16. Are you completely and accurately document all transfers to and from storage?
17. Are you transferring material to operations only on the basis of properly approved requisitions? Are you verifying that material received complies with requisitions?
18. Are you minimizing product inventory while enabling timely order fulfillment?
19. Are your system track all materials or product moved into or out of storage? Are you identifying discrepancies with actual counts?
20. Are you employing physical security measures to prevent unauthorized additions to or removal of product from storage?
21. Are you appropriately requisition all goods to be transferred to operations?
22. Are you store products in containers and facilities designed with consideration for product features and legal and regulatory requirements?
23. Are you communicating handling and storage policies and procedures clearly to employees?
24. Are you monitoring compliance with handling and storage policies and procedures?
25. Is your warehouse layout facilitating efficient order fulfillment?
26. Are you properly transferring all material requisitions?
27. Are you notifying operations or other appropriate personnel when inventory drops below a predetermined level?
28. Are you reconciling goods shipped with goods billed?
29. Are you comparing products and quantities retrieved from storage with the customer order and/or product requisition?
30. Are you periodically count product in storage and reconcile to perpetual records? Are you investigating differences between physical count and accounting records?
31. Are you reconciling books and records to ensure their internal consistency?
32. Are you compare operating results with pre-established standards, such as budgets or priorperiod results, and identify variances, trends or unusual changes and their causes?
33. Are you engaging legal counsel or other qualified personnel to provide information about applicable laws and regulations for specific materials? Are you conducting periodic training on these legal requirements?
34. Are you use packing materials, containers or procedures appropriate for the product and method of shipment?
35. Are you periodically identifying alternative shipping arrangements to determine the most efficient?
36. Are you review shipping documents for completeness and compare customer orders for accuracy before shipment?
37. Are you matching periodic production schedules to inventory information and order lead-time requirements?
38. Are you monitoring production problems related to substandard materials?
39.

Are you monitoring damage caused by employee carelessness?

Check “Yes” or “No” or “N/A” (where not applicable). Where a No is indicated, some action may be required to rectify the situation

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