CERTIFICATION – FAQ
What advantages does certification provide for our company?
Certification documents the implementation and maintenance of an appropriate compliance management system.
The company benefits in a number of areas
- Compliance and risk management
- Release from liability and avoidance of liability for corporate bodies
- Implementation of national and international standards
- Access to finance on the capital market
- Acquisition of equity
- Cooperation with international joint venture partners
- Good reputation and public standing
- Recruitment of new employees, motivation of existing employees
Who carries out the audit?
Audits are performed by auditors or specialist consultants with experience in the audit of compliance systems in the real estate industry. The company is free to choose an auditor with the above qualifications. The ICG maintains a list of accredited auditors who can assist in the search.
How long does the audit process take?
The time required to conduct the audit process can vary, depending on the size, business activities and preparatory work undertaken by the company (see above). Any existing modules in the company’s compliance management system also play a role here.
How can we at the company prepare for the audit?
In the lead-up to the audit, the company can carry out a survey of the necessary components of compliance management (cf. list of specifications), and determine which measures have already been implemented and which are still missing. This can simplify and shorten the rest of the audit process.
Who can help us with the preparation?
The ICG administrative office is happy to help with any questions on the procedure. In addition, the ICG has developed a pool of contacts from companies that are already certified. They are available to provide relevant advice and are happy to share their expertise.
What deadlines do we have to observe?
These details are set out in the audit rules (cf. audit rules).
What happens after the audit?
The company (or the auditor on its behalf) sends an audit report to ICG (cf. audit rules). The ICG management checks this and may request further information if required. If ICG raises no objections, there is nothing else standing in the way of certification.
How is certification done?
The certificate is presented to the company in the format it chooses. For example, it can be awarded during a corporate meeting, a function, or at an ICG event.
What does certification cost?
ICG certification costs a flat rate of €5,000. Costs for the audit are agreed between the company and the respective auditor. (Schedule of certification costs)