Simplify Risk and Control Self-Assessment (RCSA)

Leverage the centralized risk and control taxonomy to document, manage, and assess all risks faced by an organization. Create and maintain a risk register (library) of all risks with their key information, such as processes, risks, controls, products, areas of compliance, standards, assessments, entities, organizational profiles, functions, audits, and more.

Add new risks and associated controls (from the library or in an ad hoc manner) during the assessment or approval stage. Define the level at which these ad hoc risks can be added. Once assessed, view the details of the added risks in the risk register report and heat map, as well as the overall roll-up score and rating. Also, delete risks or controls (either ad hoc or scoped as part of the plan) while performing an assessment.

Efficiently plan, schedule, and perform top-down and bottom-up risk assessments by leveraging configurable risk rating and scoring methodologies and algorithms. Perform simple assessments by rating risks and/or advanced quantitative assessments using multiple factors across business units, regions, and products supported by predefined workflows for review and approval.

Define your own factors for assessments along with the logic used and specify how the overall control environment rating should be calculated. Define the logic for computing inherent and residual risk scores and analyze them through heat maps. Aggregate risk scores at various levels of the organization using the weighted average method which allows assigning weights to multiple dimensions including assessable item, objective, organization, product, process, or risk hierarchy for improved and accurate risk visibility.

Leverage advanced risk quantification capabilities to assess risk exposure in monetary terms. Create simulation techniques to transform range-based estimates into more accurate values. Enable risk teams to communicate organizational risks in a language that is easy to understand, facilitate better prioritization of investments, and drive alignment between risk programs and business goals.

Once the key risks are identified and prioritized, define a set of key controls to mitigate those risks by leveraging industry frameworks. Assess the controls and overall environment based on multiple factors and a scoring methodology, both of which are configurable. Define control test plans or assessments based on predefined criteria in the form of surveys and questionnaires to determine their operational and design effectiveness.

Assign control tests or self-assessments to relevant users along with details such as testing milestones, due dates, and task details. Enable multiple-level control tests, including independent evaluations of control testing, as well as control scoring and reporting. Override the overall effectiveness rating if desired. Capture and record non-compliance issues or control deficiencies and incorporate them in the issue remediation process.