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

SAP Term: management of internal controls

• Component: FIN-CGV-MIC

• Component Name: Management of Internal Controls

• Description: Component for implementing the software-related requirements laid out under US law in the Sarbanes-Oxley Act of 2002, or for application in projects towards improving processes.

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• Key Concepts: 
  Management of internal controls is a component of the SAP software suite that helps organizations manage their internal control processes. It provides a comprehensive set of tools to help organizations identify, assess, and monitor their internal control environment. It also helps organizations ensure compliance with applicable laws and regulations. 
  
  How to use it: 
  The Management of Internal Controls component provides a range of features to help organizations manage their internal control processes. These features include the ability to define and document control objectives, assess risks, and monitor the effectiveness of controls. It also provides tools to help organizations identify and address any gaps in their internal control environment. 
  
  Tips & Tricks: 
  When using the Management of Internal Controls component, it is important to ensure that all relevant stakeholders are involved in the process. This will help ensure that all risks are identified and addressed appropriately. Additionally, it is important to regularly review and update the internal control environment to ensure that it remains effective and compliant with applicable laws and regulations. 
  
  Related Information: 
  The Management of Internal Controls component is part of the SAP Financials suite of software products. It is closely related to other components such as Financial Accounting, Controlling, and Treasury & Risk Management. Additionally, it is closely related to other SAP software products such as BusinessObjects and SAP HANA.