Today I want to talk to you about what internal controls are and how they differ from compliance. Recently someone reached out to me from a company I had worked at a couple of years ago and wanted to know why they didn’t have a document called Internal Controls Policy. Internal Controls are a system of everything you have in your company in terms of how you manage risks, processes, how you organize yourself, and how you check you do what is written in your policies. Listen as we discuss how this differs from compliance plus much more on this episode of Compliance That Makes Sense.

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Today’s episode:

• [00:33] Hey guys, happy Monday!
• [02:06] I define what internal controls are.
• [03:33] I share what should be included in your internal control policy, no matter what you call it.
• [05:00] Finance is a big part of internal controls.
• [06:09] Another important control is anything that is outsourced.
• [06:53] What you should have is some form of an annual compliance report.
• [09:26] It’s not that complex or overwhelming because essentially, internal controls are everything you do around risk compliance and government.
• [10:17] You don’t need to appoint an internal controls officer in most countries.
• [11:22] Bye for now!

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