As a financial services provider, it is essential to have an adequate and effective internal control system (ICS). However, this is often a challenge. IGUV has now found a solution and developed a ICS-tool, which is made available to its members free of charge.
The ICS-tool facilitates the establishment of a ICS and solves the four challenges involved with minimal effort, online and at low cost.
- Identify risks: The ICS tool provides a predefined list of typical business processes that can be individually adapted to the business model. It also contains a comprehensive list of possible risks, their causes and consequences. Members can decide which risks are relevant for their business model.
- Define controls: For each activated risk, members can define an individual control process in the tool. They can specify which people must perform which activities, how often they should be performed, and how long they should last. In this way, each control activity can be tracked and verified.
- Documentation: The ICS tool enables members to store all necessary documents and records centrally and make them accessible at any time. This facilitates the performance of audits and the fulfillment of regulatory requirements.
- Monitoring: The ICS tool provides a monitoring function that automatically reminds when checks need to be carried out and allows progress to be recorded. In this way, members can ensure that all required steps are performed properly and that their ICS is always up to date.
The ICS-tool is a valuable tool for all financial service providers who have to fulfill their regulatory obligations regarding internal control. Over two dozen asset managers already use the tool and for half a dozen it was the reason to become a member.
Comparable services in this area cost several thousand francs, but the ICS-tool tool from IGUV is free of charge for its members.
Become a IGUV member now and take advantage of this valuable tool.