36 - Internal Controls VS Compliance: What's The Difference?

<p><span style="font-weight: 400;">Today I want to talk to you about what internal controls are and how they differ from compliance. Recently someone reached out to me from a company I had worked at a couple of years ago and wanted to know why they didn't have a document called Internal Controls Policy. Internal controls are a system of everything you have in your company in terms of how you manage risks, processes, how you organize yourself, and how you check you do what is written in your policies. Listen as we discuss how this differs from compliance plus much more on this episode of</span> <a href= "https://open.spotify.com/show/3DMfG7iEAmvFwlqoh2a79x">Compliance That Makes Sense</a><span style="font-weight: 400;">.</span></p> <p><span style="font-weight: 400;">If you enjoy this episode, please share it with friends, leave comments and reviews, and join the conversation. </span></p> <p> </p> <p><strong>Today's episode:</strong></p> <p><span style="font-weight: 400;">[00:33] Hey guys, happy Monday!</span></p> <p><span style="font-weight: 400;">[02:06] I define what internal controls are.</span></p> <p><span style="font-weight: 400;">[03:33] I share what should be included in your internal control policy, no matter what you call it.</span></p> <p><span style="font-weight: 400;">[05:00] Finance is a big part of internal controls.</span></p> <p><span style="font-weight: 400;">[06:09] Another important control is anything that is outsourced.</span></p> <p><span style="font-weight: 400;">[06:53] What you should have is some form of an annual compliance report.</span></p> <p><span style="font-weight: 400;">[09:26] It's not that complex or overwhelming because essentially, internal controls are everything you do around risk compliance and government.</span></p> <p><span style="font-weight: 400;">[10:17] You don't need to appoint an internal controls officer in most countries.</span></p> <p><span style="font-weight: 400;">[11:22] Bye for now!</span></p> <p> </p> <p><strong>Show links:</strong></p> <ul> <li style="font