System of Internal Controls
An adequate system of internal controls constitutes a part of the overall corporate governance framework as a part any internal control system aims to ensure that roles, accountabilities, responsibilities and authorities as defined for each position within the corporate governance framework are working effectively and at all times and any exception is timely picked up and action taken immediately.
An internal control system is a collection of safeguards and procedures an organization implements to protect the company from any threats it might face. Controls are the component of your risk management plan that allows you to detect possible risks, and then decide how best to prevent those risks or mitigate their effects. Any effective internal controls system will have an adequate mix of preventive, corrective and detective controls.