What is a Self-Assessment?
A self-assessment is an internal evaluation conducted by an organization, team, or individual to measure compliance, performance, risks, or controls against established standards, policies, or regulatory requirements. Unlike external audits, self-assessments are proactive tools used to identify gaps, strengthen internal processes, and prepare for regulatory reviews or independent audits.
Why Self-Assessments Matter
Self-assessments are important because they:
-
Identify risks early before they escalate into compliance issues
-
Strengthen internal controls by uncovering weaknesses and inefficiencies
-
Promote accountability by empowering teams to evaluate themselves
-
Reduce audit surprises by preparing the organization for external reviews
-
Support continuous improvement through regular monitoring
-
Demonstrate due diligence to regulators, auditors, and stakeholders
Types of Self-Assessments
-
Compliance Self-Assessment – Evaluating adherence to laws, regulations, and policies.
-
Risk Self-Assessment – Identifying and analyzing organizational risks (e.g., Operational Risk Self-Assessment – ORSA).
-
Internal Control Self-Assessment (CSA) – Testing the effectiveness of controls.
-
Performance Self-Assessment – Measuring efficiency and outcomes against KPIs.
-
Employee Self-Assessment – Individuals evaluating their skills, ethics, or job performance.
Example of Self-Assessment
A financial institution conducts a compliance self-assessment to evaluate adherence to anti-money laundering (AML) regulations. Gaps are identified in monitoring third-party transactions, leading to corrective actions before the next regulatory exam.
Self-Assessment vs. Internal Audit
-
Self-Assessment – Conducted internally by teams to identify and resolve issues proactively.
-
Internal Audit – Performed by independent internal auditors to provide assurance on governance, risk, and controls.
How VComply Can Help
VComply enhances self-assessment processes by:
-
Automating self-assessment workflows with predefined templates
-
Assigning responsibilities to control or risk owners
-
Tracking completion, findings, and corrective actions in real-time
-
Centralizing documentation for easy reporting and audits
-
Providing dashboards to monitor trends across multiple assessments
With VComply, organizations can conduct effective self-assessments, close compliance gaps faster, and build a stronger governance framework.