Sound Practice Guidance

These sound practice guidance papers are designed to assist companies implement the various components that make up a robust risk management framework. It is the Institute’s intention that these Guidance papers evolve over time as we receive feedback and suggestions from individuals/companies who have used them. If any reader of any Sound Practice Guidance has any experience or opinions that they believe may enhance the guidance offered, they should email This e-mail address is being protected from spambots. You need JavaScript enabled to view it



Sound Practice Guidance - Part 2

Risk Control Self Assessment

March 2010

The aim of an operational risk framework is to identify, assess, control and mitigate operational risk and to champion effective reporting of risk and emerging risk issues.

RCSA forms an integral element of the overall operational risk framework, as it provides an excellent opportunity for a firm to integrate and co-ordinate its risk identification and risk management efforts and generally to improve the understanding, control and oversight of its operational risks.

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Sound Practice Guidance - Part 1

Risk Appetite

December 2009

In common with a number of aspects of operational risk management, risk appetite is an area that attracts differing views among practitioners. One of the reasons for this may be the relative immaturity of the discipline. Another may be the wide variety of contexts e.g. size and structure of organisations, complexity of product/service offerings, regulatory jurisdictions etc.

For these reasons the following summary makes no attempt to suggest a one-size-fits-all solution to any of the practical challenges an organisation faces. Rather, it aims to outline a variety of good practices from which may be drawn a collection of appropriate, relevant and proportional ideas.

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