internal controls

the whole system of controls, financial or otherwise, established by the management of a firm or safeguarding institution in order to:

1. (a) carry on the business of the firm or institution in an orderly and efficient manner;
2. (b) ensure adherence to management policies;
3. (c) safeguard the assets of the firm or institution and other assets for which the firm is responsible;
4. (d) secure as far as possible the completeness and accuracy of the firm's or institution's records (including those necessary to ensure continuous compliance with the requirements or standards under the regulatory system relating to the adequacy of the firm's or institution's financial resources); and
5. (e) (in CASS 15 and SUP 3A) minimise the risk of the loss or diminution of relevant funds or relevant assets through fraud, misuse, negligence or poor administration.