RCSA (Risk and Control Self Assessment) is one of the most critical risk management activities for understanding and prioritising organisation’s key operational risk exposures. In this webinar, IOR conducted a live poll on 20 key topics on RCSA practices for operational risks. The poll results provides participants with insights on widely adopted RCSA practices across the financial services firms that participate in the webinar.
Example of questions which were covered within the webinar polls include: –
Q1. On which of the following contexts does your organisation perform risk assessments?
- Option 1. Organisation hierarchy (e.g. business units, departments)
- Option 2. Business Objectives
- Option 3. Processes
- Option 4. Products
- + additional options were displayed in the webinar poll
Q2. Does your organisation perform risk assessments at a pre-defined frequency?
- Option 1. Yes, yearly
- Option 2. Yes, half yearly
- Option 3. Yes, quarterly
- Option 4. Yes, monthly
- + additional options were displayed in the webinar poll
Q3. Does your organisation perform risk assessments when any of the following “trigger events” occur?
- Option 1. When we make significant business decisions
- Option 2. When something significant changes in the business environment outside our organisation
- Option 3. When something significant changes in the business environment inside our organisation
- Option 4. When a significant incident occurs inside our organisation
- + additional options were displayed in the webinar poll
Q4. Does the risk assessment methodology of your organisation involves assessment of inherent risk exposure?
- Option 1. Yes
- Option 2. Yes, but we are considering to exclude this in the future
- Option 3. No
- Option 4. No, but we are considering to include this in the future
This session was hosted by Manoj Kulwal. Manoj Kulwal is passionate about utilising risk management as a business management tool for designing effective business strategy and successfully implementing the selected strategy. He has been involved in development of the international risk management standard ‘ISO 31000’ and in development of ‘Certificate of Operational Risk Management’ offered by The Institute of Operational Risk. He has trained more than 1,000+ operational risk management practitioners from financial services firms globally over the last 5 years. He is currently the Co-Founder and Chief Risk Officer at RiskSpotlight. At RiskSpotlight, he leads the team that developed the world’s first forward-looking operational risk news service – RiskSpotlight Portal.
