What Is an Rcsa in Operational Risk

The Risk Control Self Assessment (RCSA) is one of the “primary tools typically used to assess inherent operational risks and the design and effectiveness of mitigating controls” (Office the Superintendent of Financial Institutions, Operational Risk Management Guideline – E-21).

What is the RCSA process?

RCSA (Risk Control Self Assessment) is an empowering method/process by which management and staff of all levels collectively identify and evaluate risks and associated controls. … It provides a framework and tools for management and employees to: Identify and prioritize their business objectives.

How do you conduct an RCSA?

1. Step 1 – Document Control Environment.
2. Step 2 – Identification of risks.
3. Step 3 – Risk Evaluation.
4. Step 4 – Control Identification and Evaluation.
5. Step 5 – Corrective Actions.
6. Step 6 – RCSA monitoring.