Mastering Risk Management

SUMMARY

Handled with some thought, risk and control self-assessments are a valuable tool in managing risk. Although their title misses the word ‘identification’, this is where the problems often start. The identification of the risks to the business objectives is of course fundamental to the management of those risks. Equally, assessing whether the design and performance of the controls is within the firm’s appetite (see Chapter 4, Risk appetite) leads to the actions that further mitigate the risks. Risk and control assessments are an excellent starting point for a risk management campaign, but there are other tools that should also be implemented.