Parallel to adoption of the 8th EU Directive into national law in Germany and Austria, the Swiss authorities updated the Swiss Code of Obligations (Schweizer Obligationenrecht-OR). This tasks audit departments with implementing and verifying the existence of an effective internal control system.
With stakeholder expectations regarding corporate governance/management increasing every year, executive and management boards need a reliable internal control system (ICS).
Effective and efficient management of internal controls supports executive and management boards in their tasks. Since all companies subject to regular audits must in the future confirm the existence of an ICS (see Article 728a OR), the biggest challenge lies in ensuring that documentation of controls and their processes is carried out properly and can be tracked.
ARIS Solution for Governance, Risk & Compliance Management (ARIS GRC) helps companies to create sophisticated Internal Control Systems that cover all regulatory requirements. Supported by mapped processes that include risks and controls, ARIS GRC ensures the effectiveness of the implemented internal control system.
Additional links:
- all articles of the #LoungeTalk series
- www.grc-lounge.com
- GRC discussion group at ARIS Community
- Governance, Risk, and Compliance category
