The Corporater Internal Control System (ICS) is designed to be adaptable to changing business and operating environments. It enables organizations to respond appropriately to significant business, operational, financial, compliance, and other risks to achieving objectives. The software improves the quality of internal and external reporting regarding internal controls, including maintenance of records and processes. Furthermore, it will give the organization timely, relevant and reliable information from within and outside the organization.
Built on the Corporater Business Management Platform, Corporater Internal Control System can be configured with a comprehensive set of tools and functionalities needed for effective internal control information including control dashboards, risk analysis, data integration (including third-party data integration), data visualization, automated workflows, alerts and notifications, and reporting. The solution enables efficient implementation of and compliance with all types of internal control frameworks and legal requirements including COSO, COBIT, SOX, and other national Internal Control Regulations (e.g., Internkontrollforskriften in Norway).
Corporater Internal Control System (ICS) solution enables organizations to document and monitor control activities that mitigate risks and ensures that management’s directives are carried out. All types of control activities can be documented and monitored – this includes:
- Information processing controls (application controls and General Computer Controls)
- Physical controls
- Business performance review
- Segregation of Duties
- Preventive or detective controls; performed manually or automatically
- Defined key controls
Corporater Internal Control System solution ensures efficient quality for monitoring of the internal control system, whether it is by Internal Audit or a second line function. Control self-assessment and testing of controls are easy to conduct by a responsible party or distributed by a central organization – this increases efficiency of Internal Control of Financial Reporting (ICFR) process and compliance to SOX-regulations.
Corporater Internal Control System can be used as a point solution or in combination with other solutions to form a holistic GRC program. Built on Corporater Business Management Platform, the solution can also be further extended to other business management areas such as performance management, strategy management, and others, all within the same system.