After you’ve applied controls to your risks, you must regularly test them to ensure their relevance: do the controls you have effectively mitigate the risks you face? Testing allows you to identify the weak areas that need improvement, prioritize the issues with the largest inherent risk and demonstrate good-faith effort to auditors and regulators.
Operational risks must be managed department by department. But many departments share common risks that can be addressed with the same controls and tests. In too many enterprises, however, each functional area operates in isolation, creating unnecessarily redundant labor or worse, inconsistent controls and tests that operate at cross-purposes. A rational Risk Control Self Assessment (RCSA) policy requires an integrated approach to risk and control self-assessments that every department can draw upon.
ProcessUnity applies a federated data model that gathers controls and tests into one library that can be shared and accessed by multiple departments and functional areas. Automation coordinates scheduling, assessment and workflows, reducing manual errors. Centralized dashboards reveal the status of active assessments and powerful reporting features identify the risk areas that merit further attention. Our “create once, use many times” approach eliminates duplication and ensures consistency throughout the enterprise.
To learn more about automated Risk Control Self Assessments, contact a ProcessUnity expert today.
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