WHAT IS THE IRISH CODE OF PRACTICE?
The purpose of the Code is to provide solid foundations for the sustainable success of commercial, non-
commercial and regulatory State bodies while meeting the highest standards of corporate governance.
The Code details the requirement for each entity to form an Audit and Risk Committee to advise the
Board on matters such as risk, internal controls, governance and the planning of Internal and External
Four separate guidance documents supplement the Code:
Business & Financial Reporting Requirements
Audit & Risk Committee Guidance
Remuneration & Superannuation
Board Self-Assessment Evaluation Questionnaire
State bodies are required to comply with the Code. It provides detailed checklists for the assessment of the effectiveness of the Audit and Risk Committee and the Board. Committees must provide detailed reporting of the effectiveness of critical functions across the organisation, including risk, compliance, governance, audit and financial management. In addition, state entities must implement appropriate due diligence to ensure that commercial ventures with third parties comply with the principles of good corporate governance stipulated in the Code.
The use of spreadsheets or paper-based systems to implement, report and ensure compliance with the Code are complex, time-consuming and expensive given the volume and dispersal of data to be gathered, evidenced, reviewed and reported. The three principal challenges are as follows.
- Assembly and collation
- Review and assurance
- Evidence and audit trail
The Phinity Code of Practice solutions shows how Phinity can link all risk stakeholders in the business, from “bottom-up” operational processes to “top-down” enterprise risks. Linking these two often disparate risk approaches decreases duplication and unlocks value.
Phinity’s solution provides Audit and Risk Committees with a single solution to manage:
- internal and external control effectiveness,
- online risk workshops,
- risk reporting,
- findings tracking and remediation,
- annual reporting on principal risks,
- contract management, and
- risk indicators integrated into essential business functions.
The Phinity Irish Code of Practice solution will automate your:
- Assembly and collation – Phinity provides a single, complete online repository of the Code’s Audit and Risk Committee requirements, enabling clear accountability, tracking of progress to completion and exceptions.
- Review and assurance - Phinity’s single real time overview allows management to better oversee the timely and accurate compliance with Code requirements, minimising effort and the unexpected.
- Evidence and audit trail – Phinity provides a complete online record of interaction, decision rationale and documentation to enable a timely and complete submission while facilitating efficient assurance, as and when required.
WHY CHOOSE PHINITY?
Integrating Phinity procurement compliance into your business has many benefits:
REDUCE TIME (STAFF AND MANAGEMENT REVIEW) REQUIRED
ELIMINATE MANUAL ERRORS
SIMPLIFY THE PROCESS AND REDUCE THE OVERALL COST OF COMPLIANCE
MANAGEMENT OVERSIGHT AND EXCEPTION REPORTING