Performing control self-assessment

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What is control self-assessment (CSA)?

In today’s business environment where a culture of dynamic risk management through internal controls is a requirement, control self-assessment is becoming increasingly important. CSA assesses the effectiveness of the risk management and control processes which organizations should continuously perform. In contrast to traditional audit, control self-assessment differs in the way that tests and checks are made by employees whose normal day-to-day responsibilities are within the business unit being addressed. Control self-assessment can be performed on corporate level as well as in specific departments, sub-entities, functions, etc., depending on the structure of the organization.

Control self-assessment generates value

Control self-assessment can help an organization’s entities self-assess compliance using frameworks on a periodic basis. By using control self-assessment, organizations can identify problem areas in the control function as early as possible.

Organizations using CSA can create a clear line of accountability of controls, reduce the risk of fraud and lower the organization’s risk profile. Best practices are highlighted, which fosters an inward awareness of the importance of risk and controls among management and staff, while also enhancing their responsibility and accountability for risks and controls.

Critical factors for successful control self-assessment
In order to implement control self-assessment successfully, it is crucial that sufficient time and adequate resources are allocated to properly prepare for and carry out workshops and perform follow-ups. It is crucial to focus on the design, ensuring that it suits the control needs and requirements. Finally, involving the right people is important for a successful implementation. The process managers must foster and own the CSA process and have the necessary experience to obtain the major benefits that a successful CSA entails.

Control self-assessment in Impero
Impero provides an ideal platform for self-assessments. Impero allows for a unique and easy way of designing the self-assessment to fit whatever framework or purpose needed. This could be designed around COSO’s framework for assessing the internal control level based on a scale of 4, or Cobits approach based on a Capability Maturity Model (CMM) aiming to evaluate the process based on five levels of maturity 0—Non-existent; 1—initial; 2—repeatable; 3—defined; 4—managed and 5— optimizing. The possibilities with the Impero’s self-assessment designer are in fact endless.

Once the design is setup, Impero’s email based workflow allows for a fast and painless assessment across the entire organization. Moreover, the reporting module in Impero can provide organizations with a valuable overview of performance and answers. Assessments can be aggregated on company level, entity level, per process or whatever reporting need may be.

If you want to get a better understanding of what you can do with Impero’s self-assessment solution schedule for an online demo here.

Self-assessment in Impero
Self-assessment in Impero