Regularly involved by banks and financial institutions as well as by organizations, Risk Control Self Assessment (RCSA) - otherwise called risk and control self-assessment - is one of the instruments that organizations can use to recognize and survey functional dangers that might undermine business objectives.
RCSA provides a framework and tools for the management and employees to:
1. Identify and prioritize their business objectives
2. Assess and manage high-risk areas of business processes
3. Self-evaluate the adequacy of controls
4. Develop risk treatment action plans
5. Ensure that the identification, recognition, and evaluation of business objectives and risks are consistent across all levels of the organization