RCSA practice benchmark
- 27 March 2019
The Risk Control Self Assessment (RCSA) is a key element of a firm's operational risk framework. In response to interest from the industry, we are creating a practice benchmark on the RCSA to reflect current practice in the industry and the direction of travel.
How will we do it
ORX will work with an industry subject matter expert and a working group of member institutions to develop maturity matrices and create a survey. Firms that are taking part will then self-assess against the matrices and complete a short survey. In return, they will receive a bespoke report showing their individual results against those of the industry, as well as a report on current industry practice.
How practice benchmarks work
At ORX, we are working with the industry to develop practice benchmarks to help assess the maturity of an institution’s operational risk management practices against the industry.
We first develop maturity matrices, which address the key components of a specific risk management area. Firms then assess their maturity against the matrices, and we develop a report showing industry practice and individual benchmark reports.
After the benchmark is developed, institutions can receive an individual benchmark report at any time by completing a short survey.
Read more about practice benchmarks and see our previous benchmarks here.
There is no charge for ORX members. The cost for non-members is £4,000, which is refundable if you become a member of ORX in 2019.