psd’s Banking & Financial Services sector recently hosted an Operational Risk forum which looked at RCSAs – Risk and Control Self Assessments.

RCSAs (Risk and Control Self-Assessments) remain a core tool of the Operational risk framework. While being widely used by firms in financial services, RCSAs generate a mixed response. Sceptics question whether they bring any benefits; critics openly state that they are a waste of time. As no firm has yet declared the intent to abandon the RCSAs, the industry may as well consider how to make the most of them.

Helen Pykhova, operational risk executive and director of her own consultancy company, The OpRisk Company, was the key note speaker. Helen is a practitioner with over 20 years’ experience in financial services, facilitating, developing, implementing, reviewing and training on RCSAs. Helen is well known in the industry, as a respected Operational Risk trainer, Chair of the Operational Risk committee of the Association of Foreign Banks and member of the Institute of Operational Risk.

The event was held at psd‘s head office in London. Guests gathered to hear Helen’s thought provoking presentation and after enjoyed an evening of canapes and networking. This gave our guests the opportunity to talk to Helen directly about the RCSAs, an invaluable opportunity for all.

Helen’s presentation, titled “Risk and Control Self Assessments: Methodologies that work!” covered the importance of identifying a firm’s key risks, questions you can use with line managers to establish these key risks and the different approaches to RCSA’s.

Click here to access an overview of the presentation.