The Risk and Control Assessment is a critical document used by organizations operating in Hong Kong to systematically evaluate their risk exposure and control effectiveness. It serves as a fundamental tool for meeting regulatory requirements, particularly those set by the Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC). This document should be prepared when organizations need to conduct a comprehensive review of their risk landscape, evaluate control effectiveness, or respond to regulatory requirements. It includes detailed analysis of various risk categories, assessment of control mechanisms, gap analysis, and action plans for improvement. The assessment is typically conducted annually or when significant changes occur in the business environment, organizational structure, or regulatory landscape. For Hong Kong-based organizations, this document must align with local corporate governance requirements while incorporating international risk management standards.
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1. Executive Summary: High-level overview of the assessment's key findings and recommendations
2. Scope and Objectives: Definition of the assessment's scope, objectives, and methodology
3. Organizational Context: Overview of the organization's structure, business environment, and strategic objectives
4. Risk Assessment Methodology: Detailed explanation of the risk assessment approach, scoring criteria, and evaluation methods
5. Risk Identification and Analysis: Comprehensive analysis of identified risks across different business areas
6. Control Environment Assessment: Evaluation of existing control mechanisms and their effectiveness
7. Gap Analysis: Identification of gaps between current and desired control states
8. Risk Treatment Plans: Proposed actions and controls to address identified risks
9. Monitoring and Review Framework: Procedures for ongoing monitoring and periodic review of risks and controls
10. Roles and Responsibilities: Definition of key stakeholders and their responsibilities in risk management
1. Regulatory Compliance Assessment: Detailed analysis of compliance with specific regulations - include when the organization is subject to specific regulatory requirements
2. IT Systems and Cybersecurity: Specific assessment of IT-related risks and controls - include for organizations with significant digital operations
3. Third-Party Risk Assessment: Evaluation of risks associated with external vendors and partners - include when there is significant reliance on third parties
4. Business Continuity and Disaster Recovery: Assessment of business continuity risks and controls - include for critical business operations
5. Environmental Risk Assessment: Analysis of environmental risks and controls - include for organizations with significant environmental impact
6. Financial Risk Assessment: Detailed analysis of financial risks - include for financial institutions or organizations with complex financial operations
1. Risk Register: Detailed listing of all identified risks, their ratings, and control measures
2. Control Matrix: Comprehensive matrix mapping risks to existing controls and their effectiveness
3. Action Plan Timeline: Detailed timeline for implementing recommended control improvements
4. Risk Assessment Criteria: Detailed criteria used for risk evaluation and scoring
5. Key Performance Indicators: Metrics and indicators used to monitor risk and control effectiveness
6. Regulatory Requirements Checklist: Checklist of applicable regulatory requirements and compliance status
7. Interview and Workshop Logs: Records of risk assessment interviews and workshops conducted
8. Historical Risk Events: Log of past risk events and their impact on the organization
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