Self-assessment is a process where organizations utilize their internal knowledge to identify and assess uncertainties and the extent to which current practices are sufficient and appropriate to manage and achieve strategic objectives. Self-assessment allows organizations to gain synergy by combining and collaborating the numerous ongoing risk management efforts; increase mandates to identify, source, control and manage risk; and integrate control and risk assessment activities into daily business practices.
This guide focuses on best practices organizations can use when implementing an effective self-assessment program.