Internal Control System (ICS)
"The biggest advantage of the software is its incredible flexibility. Once you have understood the functionality and structure of the application, you can use the software to support many different types of requirements."
An effective internal control system is an important component of GRC and provides appropriate security for achieving goals in the following categories:
- Robustness of business processes
- Reliability of financial reporting
- Regulations and standards compliance
Important: Preventive risk management is one of the prime functions of the executive board or managing directors. In the event of culpable breaches, the respective individual is personally liable and must replace the resulting damages.
Internal control systems have the capabilities to effectively prevent improper or malicious actions in companies. They also offer great potential in improving the efficiency and effectiveness of processes by providing the necessary transparency for effective monitoring and creating strong risk awareness among management and employees. risk2value delivers a structured environment to monitor the risks that are inherently hidden in your business processes and assign them to organizational areas or processes. In addition, you can use it to operate your internal control system and Enterprise Risk Management (ERM) in one unified application.
Example of a detailed view of a process risk evaluation and a control in ICS
- Integration of company-specific controls and standards (e.g. BilMoG and COSO)
- Simple, self-service ICS reporting
- Implementation of controls on entity and process levels
- Test of design and effectiveness (ToE and ToD)
- System-supported development of controls
- Standalone or unified with Enterprise Risk Management, Audit Management and other GRC processes
- Drive control documentation through workflows and use it as the foundation for modifying existing controls
- Gain a complete overview of controls and their correlations to risks
- Generate reports on quality and effectiveness
- Run controls at regular intervals
- Full transparency of overall process via integrated audit-trail
- Track measures for improvement
- Provides unique ability to include manual and automated monitoring techniques into one solution
- Gain transparency by identifying weak spots in controls across all processes
Thanks to the flexible configurations of risk2value different ICS processes can be supported:
- Management ICS
- Operational ICS
- IT ICS or ITGC
- Finance ICS
- Tax ICS
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