The Internal Control
The internal control consists of the necessary processes to detect risks that are potentially harmful to an organization and to avoid them by adhering to a compelling framework. Embedding the internal control in an organization is fundamental for compliance with internationally applicable regulations (e.g. COSO framework) or national procedures (e.g. MaRisk in Germany).
A secure basis for the internal revision
Audits and control measures of the internal revision aim at a continual improvement of business processes, making them more transparent as well as defining preventing actions against malicious acts. With the internal control as a basis, the internal revision organizes its workflows in accordance with the relevant guidelines (e.g. MaRisk in Germany) and organizational requirements. This way, the internal revision gains an overview of critical business areas as well as infrastructures and can consistently pass through the compliant and targeted controls.
With BIC Platform, organizations automate their internal controls
Internal controls benefit from the documentation of all relevant content and coherences in a central, common location in BIC Platform. Risks, controls and responsibilities are directly incorporated into the process. In addition, the IT architecture, the organizational structure and the risk structure can easily be modeled and requirements derived.
The governance, risk and compliance module BIC GRC contains predefined rules for workflows of the internal control, which run according to desired specifications. In BIC GRC, managers, revisors and auditors are being informed about upcoming workflows. At that, the tool covers the entire cycle: Identification of risks and controls, execution of controls, tests of design and effectiveness as well as action management.
A comprehensive dashboard for automatic monitoring of the current risk situation, including measure tracking, rounds off the functionality of the software. With integrated reports and detailed documentation, organizations always gain an overview of all risks and controls within the company. The software supports the continuous improvement process (CIP). Moreover, the internal revision benefits from real-time data for audits and gathers optimization potential directly in the system.