Risk and Control Self-Assessments (RCSA)
Regulatory requirements, ratings agencies and industry groups are driving the need for more formal and useful risk and control self-assessment from outside the company walls. Internally, management needs to have a better understanding of the risk it takes on in order to make optimal capital and business decisions.
OpenPages Delivers Best Practice in RCSAs
OpenPages delivers best practice risk and control self-assessment (RCSA) capabilities out of the box, aimed at delivering business value to its customers. Taking into account the many variables that make each leading organization unique, OpenPages enables its customers to configure process and data according to the organization’s business structure and assessment objectives.
OpenPages Risk and Control Self-Assessments Support:
- Qualitative and Quantitative Risk Assessments
- Top -down and Bottom-up Assessments
- Capture of Both Inherent and Residual Risk Assessments
- Capture of any Required Risk and Control Assessment Data Attribute
- Separate or Combined Control Assessments and Risk Assessments
- Regulatory and Compliance Surveys and Assessments
- Decision Support in the form of Dashboards and Heat Maps
Benefits include:
- Methodology Support for Risk Assessments - OpenPages also enables users to define their own categorization framework for risk and control assessments. Basel II event categories levels I and II are supported out of the box (along with other best practice frameworks and standards) but these can be changed or modified through configuration to employ what will work best for any one institution.
- Efficiency, Accuracy and Accountability of Risk Management - OpenPages supports a risk assessment approval and sign-off process and review(s) of deployed RCSA assessments and tracks the entire assessment process from start to finish ensuring timeliness and accuracy of assessment, survey and response. The power of automation helps ensure proper routing of tasks and accountability at every stage in the process. Thresholds can be set to drive the effort to the right personnel ensuring tolerances are adhered to and risk reduction plans are enacted.
- Measurement and Management of Current amd Historical Data - OpenPages can instantiate any variation of aggregation algorithm and instantly compare assessment results with actual and historical loss event data. Stakeholders gain instant visibility into the reality of business entity and cross enterprise risk profiles to ensure that the right amount of risk is taken at every level. OpenPages provides a mechanism for tracking issues discovered during the RCSA process to ensure a closed loop RCSA implemented with an eye towards continuous process improvement and compliance.
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For questions or for more information on OpenPages' enterprise risk management solutions, please click here or call us at 781.693.5999.
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