03 · Analyse risk · Financial services

Build the risk-control matrix

Focus on unfair outcomes, weak explainability, model drift, complaint risk and evidence that cannot support a regulated decision.

FINANCIAL SERVICES WORKING CONTEXT

Assess customer harm and model risk

A regulated firm is using AI in a process that can affect customer access, pricing or treatment. Consumer outcomes, model risk and explainability are board concerns.

Evidence bar

Segmented performance results
Override and complaint analysis
Model validation findings

REVIEW CHECKPOINTS

COSO Risk-Control Matrix

Test for different outcomes by relevant customer groupRecord unknowns in supplier claimsDefine launch-blocking failure modesDistinguish control from policy statementAssess inherent and residual riskAvoid one control covering every risk

INTERACTIVE REVIEW MEETING

Pressure-test your reasoning

CFOControl ownership

Everyone is responsible for AI quality. Is that adequate ownership?

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AuditorEvidence quality

A manager says the review happens weekly. What proves it?

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COSO Risk-Control Matrix

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Priority risk statement

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Inherent risk

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Control activity

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Control type

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Control owner

Residual risk

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