Risk and control self-assessment

In this dynamic digital age, the Risk and Control Self-Assessment (RCSA) process is evolving rapidly, offering fresh opportunities for organizations to safeguard their interests, reduce costs, and enhance their reputation.

The RCSA has long been the backbone of operational risk management, aiding businesses in identifying, assessing, and managing risks and controls. It plays a crucial role in supporting senior managers to make informed, risk-based decisions. However, traditional RCSAs face several challenges, such as inefficiencies, manual processes, and data quality issues, limiting their potential.

Imagine a world where RCSAs are no longer static assessments but instead provide real-time, data-driven insights for strategic decisions. This vision is within reach as technology and data take center stage in redefining the RCSA landscape.

In this report, we present our vision for the future of RCSA, emphasizing three key areas:      

• Connected and Dynamic RCSA: RCSAs will become real-time, driven by universally accessible and timely information, providing a dynamic assessment of risks and controls.
• Consistent and Efficient RCSA: Streamlined processes and standardized controls will enable organizations to swiftly adapt to risk changes, ensuring an accurate view of the risk landscape.
• Informative and Value-Adding RCSA: RCSA will evolve to be a crucial part of organizational strategic goals, fostering a positive risk culture, and encouraging all employees to take ownership of risk assessment.

Embrace the future of RCSA with us as we delve deeper into these three key areas and explore the practical responses required to achieve this vision. To learn more about how technology is reshaping the RCSA process and driving better risk-based decisions, download the full report.