Self Assessment vs Assessment

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.

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