AORM | L3: A Modern Representation of RCSAs

AORM | L3: A Modern Representation of RCSAs
Risk registers and RCSA have been around in the industry since the beginning of operational risk. Simple in appearance, the tool requires strict methodology and guidance to be applied consistently and to deliver useful information; this Lesson explains how. Additionally, the Lesson reviews essentials of control design and control testing.

Lesson 3.1: Modern RCSA
• Principles of risk and control assessment
• Probability / Impact Matrix
• Types of impacts and scales
• Findings of RCSAs
• Modern representation of RCSAs
• Typical likelihood scales
• Risk assessment hints

Lesson 3.2: Control Design and Testing
• Type of risk responses
• Control typology
• Control testing program
• Beware of poor control design
• Prevention by design (James Reason)
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