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Mastering Operational Risk, 2nd Edition by John Thirlwell, Tony Blunden

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5

Risk and control assessment

Aims of risk and control assessment

Prerequisites

Basic components

Avoiding common risk identification traps

Assessing risks

Owners

Identifying controls

What a risk and control assessment looks like

Action plans

How to go about a risk and control assessment

Using risk and control assessments in the business

Why do risk and control assessments go wrong?

Summary

AIMS OF RISK AND CONTROL ASSESSMENT

The objective of a risk and control assessment is to identify, measure and monitor the risks and controls to which a firm is subject.

The risk and control assessment can be qualitative, quantitative or both. A qualitative risk and control assessment will be based on value judgements such as high, medium-high, medium-low ...

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