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Ensure Compliance with the UK Corporate Governance Code 2024

With the updated Code applying to financial years January 1, 2026 and later — meeting the material controls requirement of provision 29 is imperative to cover your financial, reporting, operational and compliance risks.

While governance, risk, and compliance (GRC) projects take time, Impero makes it easier to document, streamline, and deploy new internal controls, enabling organizations to meet the Code’s requirements effectively.

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“It’s often said from SOX perspective that if it wasn’t documented it wasn’t done... Impero is very helpful in this context, as we can document everything in addition to us having everything time-stamped, with a full audit trail and change logs."

Pétur Bjornsson

Director of Internal Controls & SOX Compliance, Alvotech

Scope of Internal Controls. Simplified.

The 2024 Code explicitly includes reporting controls alongside financial, operational, reporting and compliance controls. While the scope hasn’t officially changed, the clarification ensures organisations assess all material controls (including those tied to stakeholder-facing information like sustainability disclosures).

Impero enables you to define tasks & controls, assign them to users across your organisation and set deadlines for completion for optimal operational efficiency.

As an admin, you can easily monitor the status and completion of tasks & controls through a centralised dashboard, and filter by entity, market, and function for a clear overview.

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More Material Controls. More Impero.

In the 2024 Code, boards determine what qualifies as material controls, which typically address:

• Principal Risks: Threats to performance, solvency, liquidity, or reputation.
• Reporting: Stakeholder-relevant or price-sensitive disclosures.
• Fraud: Controls preventing fraud or override risks.
• Technology: Cybersecurity, data protection, and emerging tech risks.

Impero empowers you to operationalise your processes and build up compliance-centric workflows to meet the material controls of the UK Corporate Governance Code. Beyond that, you can also implement controls for other compliance needs within finance, tax and more.

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Compliance Timeline, Preparation and Effectiveness

Compliance is a team effort, and safeguarding trust and transparency takes time.

Provision 29 requires that the board should monitor the company's risk management and internal controls framework and carry out a review of its effectiveness. However, more preparation time has been allowed for this Provision and it applies to financial years starting on or after 1 January 2026, giving organisations time to:

1. Scope Material Risks: Identify financial, reporting, operational, and compliance risks.
2. Assess Material Controls: Review and address gaps in existing controls.
3. Implement Assurance Strategies: Regularly evaluate and improve control effectiveness.

The Impero platform can streamline this process to manage and monitor compliance efficiently. Impero enables organisations to align with the Code’s requirements while reducing the administrative burden. As an audit-ready platform, it also ensures evidence of the operation of your controls.

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How the Impero platform works

Internal Control System

With Impero's control management module can set up and complete all your internal controls & tasks on a corporate- and local level in one system.

This means less stress during audits with streamlined processes across all entities, as well as centralised documentation for external audit teams.

Risk Management

Document your risk assessment matrix in Impero's Risk Management module, and set up connected controls & tasks designed to mitigate the risks.

Use the built-in Risk Directory to assess the impact and likelihood, and verify that those requiring action have mitigating internal controls set up.

Control Reporting

Get an instant overview of outstanding- and completed controls & tasks in the Impero reporting module.

With a full overview of the progression towards compliance, your organisation can more proactively see potential areas for concern.

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FAQs

Get answers to the most common feature and functionality questions that we get asked about the Impero platform. 

  • What are the key updates in the 2024 code?

    The 2024 Code emphasizes a broader and more explicit approach to declaring control effectiveness compared to the 2018 Code.

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    A key update is that boards must now include details in their annual reports about:

    • Monitoring and Review: How the board monitored and reviewed the internal controls framework.
    • Effectiveness Declaration: A statement on the effectiveness of material controls as of the balance sheet date.
    • Deficiencies and Actions: Details of ineffective controls, actions taken to address them, and any follow-ups on previously reported issues.

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  • Who is the Impero platform designed for?

    Impero is a cloud-based, SaaS platform designed for Finance, Tax and Compliance teams that need to ensure risks are documented and mitigated, as well as internal controls are regularly sent out for compliance.

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    Our customers are typically large, enterprise organizations with several legal entities and complexity. Sound familiar? Book a discovery call to see if Impero is a fit for you.

  • What internal controls can I set up in Impero?

    Impero is primarily used within financial and tax compliance. However, the flexibility of our platform allows you to set up controls for many use cases. We have examples of customers using our platform for month-end close, SOX, ESG, IT, general compliance and more. We recommend you book a discovery call to learn more.

  • Why choose Impero over other alternatives in the market?

    To be honest, our main competition is good old Excel. The majority of companies that we speak with are still sending Excel files back-and-forth via email when it comes to risk, controls and compliance. Most companies also agree that this isn’t ideal.

    The Impero platform provides the structure and framework to streamline your risk and control processes. The flexibility of our platform enables you to set it up specifically to your enterprise organization. In addition, Impero adapts to your group-level frameworks, while still maintaining the flexibility for compliance difference on local entities.

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  • How long does it take to get Impero up-and-running?

    We know that implementing a new platform can seem tedious. Impero can be up-and-running in as fast as 3+ weeks, depending on the complexity of your set up.

    We pride ourselves on our Solution Experts team who’ll teach you how to document your risks, guide you on how to set up controls and introduce you to our built-in reports to monitor real-time progress.

  • Do you offer single sign-on (SSO)?

    Absolutely! We want to make it as easy as possible for your users to adopt our platform.

  • Can I pull data from Impero into other systems?

    Yes, we have an open API so that you can pull data into other systems, such as Power BI.

  • What does Impero’s pricing model look like?

    Our pricing is based on the size and complexity of your organization, as well as the number of users that your organization requires.

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    Get pricing →

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Book a 30-min call with Impero

Curious to hear how Impero can help you meet the UK Corporate Governance Code?
Book a 30-minute discovery call with us and explore how we can help you become and stay compliant. After an initial call, we can also set up a dedicated 45-60 minute product walkthrough of the Impero platform.

During the product walkthrough, we'll showcase how risks and internal controls (or tasks!) are typically set up in Impero.

If you'd like to see how your risk control matrix (RCM) or internal control checklists could be set up in Impero, we can also use these as the basis for the demo.

We look forward to introducing you to Impero - Compliance. Simplified.