What is an In Control Statement (ICS)?
What is an In Control Statement (ICS)?
An ICS (= InControlStatement) is a declaration in which the management board takes responsibility for the quality of internal control. This means that the processes aimed at achieving the organization's objectives are effectively managed, or "In Control." It is a component of overall SME governance, representing good management practices for small and medium-sized enterprises.
With an ICR (In Control Rating) of 1 or 2, you as a manager declare that the risk management and control system is adequately set up and has functioned effectively (effective operation must be demonstrable). With an ICR of 4 or 5, this cannot be assured, and with an ICR of 3, it depends on the specific situation and associated performance scores of the ICR objectives.
To achieve an ICR 1, your organization must score an average of higher than 9 across all objectives. An ICR 1 indicates that your organization is nearing perfection and is therefore minimally vulnerable. In other words, your organization is optimally In Control.
To achieve an ICR 2, your organization must score an average of higher than 8 across all objectives. An ICR 2 indicates that your organization is sufficiently to well-organized and is therefore less vulnerable. In other words, your organization is sufficiently to well In Control.
