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How Do You Manage Control Self Assesment Programs?

Mash Risk Television

Federal Reserve Bank of New York
Ronald Stroz, Assistant Vice President

Runtime: 3:13

Key Takeaways:

  1. Best practice is to require Control Self Assessments (CSAs) for all business lines.
  2. Start with CSAs in one or two areas and then expand across all business lines.
  3. CSA frequencies range from quarterly to annual.
  4. Facilitated workshops are the most common deployment method.
  5. Common best practice is to provide gap assessments with action plans for remediation.
  6. Most internal audit departments validate CSA results during their individual business line audits.
  7. Output from risk management tools should be viewed collectively and not individually.

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