Partner
Attorney at Law (Germany), Auditor, Compliance Officer (TÜV)
Internal Control System (ICS)
The internal control system (ICS) is a key component of the GRC structures within the company. It includes internal auditing, risk management and risk analysis, as well as supporting implemented IT systems that enable effective and binding controls in business processes.
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The institutionalization of risk management, internal control, management, and monitoring activities already present in companies is not an end in itself. Owners, supervisory bodies, and management can thus make transparent the responsibilities of the individual management levels as well as missing, ineffective, or inefficient control and monitoring measures and initiate necessary improvements to the internal control system. Taking into account the corporate strategy, risk culture, and applicable compliance regulations, the management determines the individual risk situation and defines how an effective system for managing the risks must be designed.
With the FISG, the legislator has increased the requirements for an ICS for capital market-oriented companies – this development also affects non-capital market-oriented companies. We advise capital market-oriented as well as non-capital market-oriented and owner-managed companies of all industries in the development and implementation of an effective ICS.