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• Internal Control System (ICS)
• Enterprise Application Integration (EAI)

Internal Control System (ICS)

The Internal Control System (ICS) is a management tool to ensure the purposeful achievement of company objectives in the areas of processes, information, asset protection and compliance. The ICS includes all of the organizational methods and measures which are arranged by the management. The ICS offered by the company establishs the “Control Framework” based on international standard (COSO) supported by the Axon.ivy Risk Management (formerly Xpert.ivy Risk Management) and other modules of the Axon.iVY BPM Suite.
The Axon.ivy Risk Management solution is a process-oriented risk management IT application that is completely based on the Axon.iVY BPM Suite. As a methodological framework the COSO standard is used worldwide. Axon.iVY Modeller, Axon.iVY Publisher, Axon.iVY Engine are the used modules on the Axon.iVY BPM Suite. The Risk management solution as part of organizational Internal Control System (ICS) also has a practical approach model, predefined risk and control catalogues as well as extensive reports and monitors for internal and external reporting.

The current state of ICS in most of the companies

In many companies, there are mostly evolved systems. In most cases measures taken on the basis of incidents and implementation, are only selective. Furthermore there are various business skills of the staff and the fact that there often is no universal solution. Also an inadequate tool support and as usually only partially existing quality managements are nowadays the standards in many companies. They also forget that quality management is not the same as an internal control system!

Target states

Systematic and traceable guarantee of the objectives:

• Established risk and control analysis
• Established management and control measures
• Consideration of a process approach
• Clear organizational arrangements for the ICS-order (compliance organization)
• Using an existing ICS framework (e.g. COSO)
• consistent and enterprise-wide ICS systems

COSO as a worldwide standard methodology for ICS

The COSO (Committee of Sponsoring Organizations of the Treadway Commission) is a voluntary private-sector organization in the U.S., which should help to improve qualitatively financial reporting through ethical behavior, effective internal controls and good corporate governance. COSO was founded in 1985 as a platform for the "National Commission on Fraudulent Financial Reporting" (Treadway Commission) and is supported by the five largest U.S. organizations for control in the finance and accounting: IIA, AICPA, FEI, IMA und AAA. (Source: Wikipedia)

COSO is the framework for Internal Control Systems and its systematic implementation
1. Plan and finalize ICS strategy and adjust frameworks
2. Determine processes and organization
3. Analyze risks and controls
4. Assign risks and controls in processes
5. Implement Control workflows, Reporting and compliance Dashboard
 

Advantages of the Axon.ivy BPM Suite for Internal Control Systems – Summary

Complete Repository

• Process models not only provide the required documentation, they rather collect all master data - such as regulations / requirements, risks and relevant documents. This creates a self-contained and complete repository

Powerful processes workflow automation

• Internal control system processes (like risk identification, assesment and re-evaluation, contrameasures allocation and risk exposer calculation) are supported by powerfull and flexible workflow engine.
• Easy to prove and report compliance to regulatory requirements (like Solvency, SOX etc.) due audit information collecting during performance of ICS processes by workflow engine

Evaluation and analysis of the information

• About the database-driven modelling, these data structures and relations can be evaluated and analyzed at any time. This simplifies the verification and detection for external and internal controls

Quick and easy communication

• Via the process portal, the information is automatically communicated across the enterprise and role-based to all employees

Our Products & Services for you (excerpt)

• Full Consulting Services
• Establishment of the “Control Framework” on international standard (COSO)
• Construction of the relevant process map
• Risk identification and definition of controls
• Definition and implementation of the risk and control management (Axon.ivy Risk Manager)
• Definition and execution of associated workflows
• Developing of the necessary internal and external reporting
• Coaching and training of all usersConfiguration of the Axon.iVY BPM Suite