The Risk & Control Self-Assessment (RCSA) process, as described in Part 1 of this blog series, is regarded as best practice by risk management professionals and regulators alike. However, it is a process that is often subject to criticism.
The main points of criticism relate to the quality of both the process and the output. Many argue that the subjective nature of a typical Risk & Control Self-Assessment (RCSA) process results in poor quality risk-based management information, alack of support and buy-in from management, and inherent human biases and other inaccuracies becoming embedded within the process, further damaging buy-in and quality.
KRM22’s Global Risk Platform provides applications to help you address your firm’s regulatory, market, technology and operations risk challenges and to manage your entire enterprise risk profile. KRM22 is a public Group listed on AIM and headquartered in London.