Benchmark - Dec 2019
Risk and control self-assessment (RCSA) is one of the most important tools in a firm’s operational risk management and control framework. Its purpose is to enable a firm to manage and monitor its key operational risks and controls, overall helping to reduce the risk of adverse events occurring.
Executed well, the RCSA can support a business in delivering on its overall objectives, but are you getting the most from it? Could you be leveraging RCSAs to get even more value and benefit?
About the RCSA Practice Benchmark
To help financial institutions understand how they could be getting the most benefit from the RCSA, and in response to interest from our membership, we conducted a practice benchmark study on RCSA.
ORX Practice Benchmarks evaluate the maturity of an institution’s risk management practices, and compare it to that of other participating institutions using a “3 stages of development” model. Participating institutions self-assess against each maturity description and then receive a customised benchmark report, showing their level of maturity against the other participants.
As well as the individual benchmarks, we also produced a report that gives you a picture of overall industry practice. This report is available to all ORX members to download. Alongside this, you can download the impact matrices summary findings, which provides a deep dive into approaches to using impact and likelihood matrices as part of their risk assessment process.
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This resource is only available to ORX members
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Research and Information Director, ORX