What is management control in SAP FIN-CGV-MIC - Management of Internal Controls?

SAP Term: management control

• Component: FIN-CGV-MIC

• Component Name: Management of Internal Controls

• Description: Control that is performed at the org unit level or process group level and that falls under the responsibility of management for that org unit. An example is a code of conduct implemented at a company. Managers must ensure that all employees in their areas of responsibility adhere to this code.

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• Key Concepts: 
  Management control is a component of SAP's Financial Consolidation and Governance (FIN-CGV) module. It is designed to help organizations manage their internal controls, such as financial reporting, compliance, and risk management. It provides a comprehensive set of tools to help organizations identify, assess, and monitor their internal control environment. 
  
  How to use it: 
  Management control can be used to create and maintain a comprehensive set of internal controls. It allows organizations to identify potential risks and develop strategies to mitigate them. It also provides tools for monitoring the effectiveness of the internal control environment. Additionally, it can be used to generate reports that provide insight into the organization's financial performance and compliance status. 
  
  Tips & Tricks: 
  When using Management Control, it is important to ensure that all internal controls are properly documented and updated regularly. Additionally, it is important to ensure that all users have access to the necessary information and resources needed to effectively use the system. 
  
  Related Information: 
  Management Control is part of SAP's Financial Consolidation and Governance (FIN-CGV) module. Other components of this module include Financial Consolidation, Risk Management, Compliance Management, and Governance Management. Additionally, SAP offers a range of other products and services related to financial management and governance.