Control self-assessments – how do you rate?

“A SURVEY of nearly 500 directors highlighted that daily risk oversight continues to be one of the central challenges facing boards” – Business Wire 2015.

The results of this survey are alarming, especially when you take into consideration the impact such a challenge has on key business processes and resources within a company. Let’s take this one step back. Are you the champion for risks and controls within your organisation? Are you facing the challenge of risk oversight? If you have answered yes to both questions, then this article applies to you.

Managing risk has become an integral part of every organisation. In today’s dynamic business world, risk management is largely emphasised, but ultimately more emphasis is placed on the Board of Directors to meet the requirements for corporate governance. The answer to this everchanging need is Control Self Assessments (CSAs). The CSA is a combination of addressing risks from both a management and process perspective. This approach provides an opportunity for all individuals involved in a process to rate controls for that specific process. The input from individuals, who are involved in the process and have hands-on experience, are valuable and cannot be underestimated.

Risk management may be a daunting task if not facilitated correctly. Ultimately, it is the manner in which you embrace risk management within your organisation that will determine if business objectives are being met.

The benefits of CSAs are as follows: Collaborative exercise. Effective risk focus point. Solution driven. Understands business impact. Emphasis’s accountability. Sound interesting? By employing leading concepts and practices, we can assist you in implementing appropriate strategies, processes and controls to reduce risk oversight and ultimately ensure the positive growth of the organisation.

Remember, for successful risk management, support and involvement from all levels within your organisation is key.

Naidoo has been with KPMG since May 2008. She is passionate about providing excellent client service which incorporates KPMG’s international 7-Star Service principles. She is also a member of the IT Internal Audit service offering within KPMG’s IT Advisory business unit and can be reached at 082 726 8706.