Internal Controls and Risk Management are critical in achieving operational, strategic, compliance, and reporting objectives. Comprehensive risk management identifies risks to an organization, while implemented internal controls provide reasonable assurance of the mitigation of risks and reaching operational objectives. An effective internal control program can make operations more efficient, protect company assets, and assist in compliance with NERC Standards and Requirements.
An Internal Control Program consists of five components:
Simply put, Internal Controls are those activities that we perform to ensure that what we want to happen will happen, and the things we do not want to happen will not happen.
ReliabilityFirst will continue to add guidance documents to this Knowledge Center.
Voluntary internal control
review activities are performed by RF’s Entity Development group and are called
Assessments. There are three types of Assessments: Internal Controls
Evaluations (ICE), Appraisals, and Self-Assessments.
Presentations from workshops
related to Internal Controls.