OpRisk North America: RCSA value debated
Risk and control self-assessments could be worthless, conference hears
Risk and control self-assessments (RCSAs) could be made useless by inherent bias, according to speakers at the final session of the OpRisk North America conference in New York yesterday.
Gus Felix, global head of operational risk at Citigroup, dismissed the RCSA process entirely: "RCSA is a monstrous bureaucracy," he said. "We went through an exercise, we mapped losses to RCSA results and we couldn't find one loss that was affected in any way by RCSA. It is not effective because it's very biased
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