What is your view about ‘Operational Risk Self Assessement’ (RCSA) vs Assessments conducted by Operational Risk Managers i.e. Risk Assessments.
Our experience ?. If the business unit does not see a value in maintainng RCSA permanently, a periodical RCSA exercise is almost worth nothing.
A risk assessment done by trained operational risk managers however, can significantly increase quality of controls, awareness of operational risks and reduce audit points. Besides its a great tool to show who ever is interested (management, Auditors, Compliance, Regulators) that operational risks are understood and controlled.
After a few years ‘experimenting’ with RCSAs, we will apply a combined approach.