Self-assessment is a recognized best practice that has been applied to risks and controls for many years. Systematically applied across the organization at the entity and process levels, self-assessment is a pre-determined approach whereby individuals self-review or self-audit the controls for which they are responsible and communicate the results to appropriate management.
This questionnaire focuses on items such as:
- Annual board and committee performance evaluations
- Whistleblowing processes
- Reporting on the relationship between the Chief Risk Officer and internal audit
- Executive bonuses
- Interaction between the board and senior management