Glossary
The Impero Glossary is a collection of terms, concepts and legislation in the Governance, Risk and Compliance (GRC). Explore the Glossary to find out more about how Impero can help you simplify your risk management & internal controls.
Bolagsstyrningskoden (Sweden)
Bolagsstyrning is the overarching Swedish term for corporate governance. It refers to the system of rules, processes and practices used to direct and control a company. The concept ensures that organizations operate transparently, ethically and in the best interests of shareholders and other stakeholders.
Internal Control over Financial Reporting (ICFR)
ICFR refers to the processes and controls an organization puts in place to ensure the accuracy and reliability of its financial statements. The goal is to prevent and detect material misstatements – whether caused by error or fraud – before financial information is reported to stakeholders, regulators or auditors.
Anti-tax evasion
Anti-tax evasion refers to the rules, processes and controls organizations put in place to prevent illegal tax practices and it is part of a broader compliance and governance framework.
Third-Party Risk Management (TPRM)
Third-Party Risk Management (TPRM) refers to the process of identifying, assessing, and mitigating risks that arise from working with external entities such as vendors, suppliers, service providers, or partners.
Enterprise Risk Management (ERM)
Enterprise Risk Management (ERM) is a structured approach to identifying, assessing, and managing risks across an organization. Unlike traditional risk management, which often focuses on individual risks within specific departments, ERM takes a holistic view, connecting strategic, financial, operational, and compliance risks to business objectives.
Internal Control Framework (ICF)
ICF is a structured system that provides a set of principles and processes that help safeguard assets, ensure accurate financial reporting, improve operational efficiency, and maintain compliance with regulatory requirements.
Senior Accounting Officer (SAO)
The Senior Accounting Officer (SAO) regime is a compliance requirement introduced by HM Revenue & Customs (HMRC) in the United Kingdom. It obliges large companies to appoint a senior officer, usually the Chief Financial Officer or equivalent, who is personally responsible for ensuring that the company has appropriate tax accounting arrangements in place.
International Financial Reporting Standards
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB). They provide principles and guidance for preparing financial statements that are consistent, transparent, and comparable across international borders.
DAC6
DAC6 (Directive on Administrative Cooperation, sixth amendment) is an EU directive requiring the disclosure of cross-border tax arrangements that could be used to avoid tax. It applies to intermediaries (such as tax advisors, accountants, and lawyers) and, in some cases, taxpayers themselves.
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