A successful risk management strategy requires a strong internal control environment. The risk control matrix (RCM) format emphasizes that strong and risk-oriented internal control environments are often optimized with automated/manual controls, depending on the situation.

An RCM provides an overview of different control objectives that organizations should take into consideration and the corresponding controls to safeguard the company against risks, which may arise if not checked timely. Once customized to an organization, this document can help the user in assessing each control. The control assessment can then also be summarized to develop an action plan.

This document outlines risks and controls common to the 4.2.2 Manage Security and Privacy process in a risk control matrix (RCM) format.

Sample risks include:

• A formal data center access policy does not exist, which may result in inappropriate access to the data center.
• A physical access policy, which requires management approval for requests, changes, suspensions or terminations of access to facilities which maintain financial reporting data, does not exist.
• A process to review and update the physical access policy does not exist.
• Access cards may be lost, stolen or copied, which may result in a breach of security.

This document can be used as a sample RCM and is not meant to be an exhaustive list of risks and controls. The KnowledgeLeader team will periodically update this RCM with new content. Organizations should select, update and modify the risks and controls included in this document to ensure that it reflects business operations.