The term GRC
gathers aspects so wide but unavoidably related, as the management of the good Governance at entities, the Risk management, or the Compliance.
All of that connects with the maintenance of a global Internal Control system, whose international reference standard is COSO initiative (Committee of Sponsoring Organizations of the Treadway Commission), and COSO II and COSO III afterwards.
COSO methodology is based in three main different but related categories: The effectiveness and efficiency of operations; the reliability of financial reporting; and the compliance with applicable laws and regulations.
There are many existing regulations or recommendations about internal control at organizations, which are to a greater or lesser extent based at COSO principles, such as SOX (Sarbanes-Oxley Act), European Directive Solvenci II, IFRS (International Financial Reporting Standards), ISA (International Standards on Auditing) issued by International Auditing and Assurance Standards Board (IAASB).
With all of that, it is possible to understand the high importance for entities with regard to the disposal of a complete, global, traceable and exploitable internal control and risk management system.
Thus, IDEAS has offered its global or partial support, in order to achieve that objective. Like that, GRC services at IDEAS are divided in three acting possibilities:
1. To place at entities' disposal a global, intuitive and powerful computer solution to support Internal Control and Risk Management systems: IDEAS GRC
2. Offering consulting services for the:
- Full elaboration or revision of risks maps that the entity faces
- Identification and proposal of controls to mitigate the effects of the identified risks
- Setting of preventive risk indicators · Self assessment mechanisms establishment
- Design of Internal Control auditing processes
3. A combination of the two previous bullets.
Like that, the final purpose of our services is the consecution of an internal control environment that continuously allows to identify, to evaluate and to supervise the risks of the entity with a strategic, complete and integral vision. Likewise, IDEAS helps our clients promote a risk management culture into the organization, fulfilling all the requirements of applicable regulations.Visit IDEAS GRC website