The document outlines the key principles and implementation strategies for internal controls at a company. It discusses establishing a commitment to integrity, board oversight, clear structures and accountability. It also covers assessing and managing risks, selecting control activities to mitigate risks, using relevant information for communication, and performing ongoing monitoring and evaluation of controls. The implementation strategies focus on leveraging existing compliance functions, developing procedures, conducting audits and reviews, and communicating policies to employees.
Original Description:
detail description of COSO Framework 7 Pillar for reference
The document outlines the key principles and implementation strategies for internal controls at a company. It discusses establishing a commitment to integrity, board oversight, clear structures and accountability. It also covers assessing and managing risks, selecting control activities to mitigate risks, using relevant information for communication, and performing ongoing monitoring and evaluation of controls. The implementation strategies focus on leveraging existing compliance functions, developing procedures, conducting audits and reviews, and communicating policies to employees.
The document outlines the key principles and implementation strategies for internal controls at a company. It discusses establishing a commitment to integrity, board oversight, clear structures and accountability. It also covers assessing and managing risks, selecting control activities to mitigate risks, using relevant information for communication, and performing ongoing monitoring and evaluation of controls. The implementation strategies focus on leveraging existing compliance functions, developing procedures, conducting audits and reviews, and communicating policies to employees.
1. Demonstrate commitment to integrity Implementation SGH Code
and ethical values of Conduct 2. Ensure that board exercises Leverage Compliance oversight responsibility Function 3. Establish structures, reporting lines, Continous development & Control environment authorities and responsibilities training to increase 4. Demonstrate commitment to a competency competent workforce 5. Hold people accountable
2. Identify and analyze risks Activity to identify risk 3. Evaluate fraud risks occuring at business unit Risk assessment 4. Identify and analyze changes that Timely Risk escalation & could significantly affect internal Robust CAPA monitoring controls
1. Select and develop control activities Ensure system &
that mitigate risks procedure Implementation 2. Select and develop technology at SGH company Control activities controls Development of procedure 3. Deploy control activities through categorized as medium & policies and procedures high risk
1. Use relevant, quality information to Clear communication &
support the internal control function socialization to all 2. Communicate internal control employees on new Information and information internally procedure communication 3. Communicate internal control Utiliization of Webportal to information externally store SGH procedure & accesible by all employees
1. Perform ongoing or periodic Conduct Risk Based audit
evaluations of internal controls (or a activity & Compliance combination of the two) monitoring Monitoring 2. Communicate internal control Conduct management deficiencies review on monthly basis