Making a success of self-assessment

The myriad challenges that surround the self-assessment process were the subject of a round table discussion group in London in October

Q: What are the top three challenges that your firm faces when conducting a self-assessment exercise or putting that kind of programme in place?

Andrew Smith, chief financial officer and operational risk officer, HBOS

: One answer would be completeness, relevance and accuracy. Perhaps there’s a bigger question though, which is ‘should you be doing it in the first place?’ Self-assessment is very cost effective but it only works if the people contributing the input are sufficiently knowledgeable