Final answer:
The control based approach of the control self-assessment process is characterized by examining the effectiveness of internal controls in managing key risks and ensuring they align with organizational goals.
Step-by-step explanation:
The phrase that best describes the control based approach of the control self-assessment process is 'Examining how well controls are working in managing key risks.' This approach involves a thorough check of the internal controls within an organization to ensure that they are operating effectively and mitigating risks to the business. These controls could range from financial, operational to compliance-related.
Control self-assessment (CSA) empowers employees at all levels to participate in assessing the adequacy and effectiveness of controls that manage the risks they face daily. It serves to identify areas where controls might be lacking or ineffective, providing an opportunity for improvement. The CSA process assists in aligning risk management activities with the organization's goals, ensuring that the control environment is robust and supports strategic objectives.