Who this helps
Compliance, risk, operations and internal audit teams at financial institutions that need a consistent way to document control design, ownership and evidence of effectiveness.
ICRM PRACTICAL TOOLS
Risk and control matrix
Align risks and controls.
Evaluate control effectiveness.
Connect regulatory requirements and inherent risks to expected and actual controls. Compare control objectives, mechanisms and frequency, examine risk and performance indicators, and document whether controls are sufficient and effective.
Use this template to trace each risk through its process, key data elements, management reporting, accountable owners and issue references. Record supporting evidence and professional judgment to identify gaps and guide remediation.
FROM THE TOOL TO A PRACTICAL DECISION
Do our controls address the risks—and what evidence supports that?
Use the Risk and Control Matrix to connect obligations and inherent risks with the controls that should operate, the controls that actually operate and the evidence needed to evaluate them.
When to use it
Use it when developing or updating a compliance program, reviewing a process or system change, preparing for an independent review, or addressing findings where control coverage and accountability are unclear.
What the work involves
Define the process and risk, map expected and actual controls, identify owners and data dependencies, and record evidence and evaluation judgments. ICRM can help scope the review, challenge the control design and plan proportionate testing.
What you can take forward
The tool provides a saved, editable matrix, private supporting documents, PDF reports with protected document links, and CSV exports. An agreed ICRM review may also deliver a control-gap assessment, testing priorities and a remediation plan with accountable owners, evidence requirements and follow-up measures.
How ICRM can help
ICRM helps connect the matrix to an effective compliance program: assess whether controls address the underlying risks, consider technology as part of the control environment, and translate findings into practical improvements. Review and monitoring keep the assessment responsive as risks and operations change.
How to start
Open a template below with your name, organization, email and consent, or return with your personal access code. To scope an ICRM review, book time with Steve or describe the process, concern and evidence available. Completing the template does not by itself establish that a control is effective.
From risk to evidence
Start with the regulatory requirement, process and inherent risk. Define the control you expect, document the control that actually operates, then evaluate its design and operation against evidence. Use the issue references to connect gaps to follow-up action.
The template consolidates repeated questions and distinguishes risk indicators, performance indicators, data ownership and control effectiveness. Use “Show source columns” to trace a field to the original workbook. No effectiveness score is inferred from blank answers.
Discuss your risk and control review with Steve ↗