Risk Control Self Assessment (RCSA Software Solution)

Risk Control Self Assessment (RCSA) forms the core part of the MetricStream Risk Management solution. The risk self-assessment capabilities enable banks and financial organizations to document and evaluate their risk frameworks at multiple levels including corporate, business unit and process. The solution provides a centralized risk framework to document, manage and assesses all risks faced by an organization. It includes a risk register (library) where risk information for 'risks under management' is created and maintained. The risk register contains information such as description, ownership, definition, impact, source, line of defense, likelihood, frequency of review, key risk indicators, etc. in accordance with financial industry best practices. The risk assessment and computations is based on configurable methodologies and algorithms giving a clear view into organizations risk profile and enabling risk managers to develop optimal risk/reward strategies.

Key functionality can be summarized as follows:

• Provides functionality to manage the scope for the RCSA
• Maintains a centralized repository of risks, controls, and tests
• Performs residual and inherent risk assessment as per the scheduled assessments
• Evaluates the need for an action plan, if a control is found ineffective

The solution provides an enterprise-class solution to data aggregation and reporting that is well-integrated with the application. Reporting and analytics allow aggregation and comparison of data to provide enterprise wide visibility into the RCSA process and highlight issues that need to be addressed on priority. The real-time visibility provided by the solution enables organizations to track RCSA through its lifecycle from initiation to closure. The powerful analytics and reporting capability with graphical dashboards helps managers to perform trend analysis and spot recurring problems to drive root cause analysis in a timely manner.

Downloads

• Solution Brief: Operational Risk Management Solution for Banks
• Insight: Trends in Risk Management

Featured

Recorded Webinar: Rethinking Operational Risk
Expert Speaker: Christopher E. Mandel
MBA, CPCU, CCSA, ARM, AIC, RWW
September 28,2011

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