How to overcome the burdens of risk and compliance?
Ask yourself the following questions:
-Do you have a complete overview of your controls and do you know what your control objectives are?
-Do you want to reduce the burden of your control activities?
-Are you fully informed about which controls are executed by whom, in which timeframe, and where potential issues may arise?
-Is risk & control management a structural part of all your organisation’s activities? And do you monitor your risks & controls consistently?
-Are there processes in place that continuously monitor if the corporate policy is truly followed?
-And are these processes evaluated regularly?
In other words, are you really in control?
If you are not fully comfortable with any these questions or experience similar uncertainties/issues, please contact us. We would really like to get in touch with you to provide a demo of our KPMG Sofy GRC and address these questions.
Governance, risk, and compliance (GRC) has become a top executive priority, but many organisations are struggling to manage and control risk effectively nowadays. The growing interest in GRC solution is mainly driven by factors and forces external to the organisation. This is evident in the overall growth of this market which is anticipated to hit a massive $7.3 billion by 2020.
However, many organisations still do not have a compliance monitoring and testing programme that encompasses process, control, and transaction testing or that monitors and tracks regulatory change. Many organisations also struggle to monitor their third-party vendors to confirm that they adhere to compliance due diligence processes, and are not aware of the possibility of utilising technology to manage third-party risks. Indeed, third-party vendors in many cases do not even have a process in place, and organisations are often unaware of this.
Robust compliance monitoring and testing activities within the compliance function can be key to early identification of potential wrongdoing or risk trends, including compliance risk management control weaknesses, as well as providing evidence as to whether the control system is operationally effective.
Such testing and monitoring better positions the organisation to promptly detect issues; it also allows it to respond to regulatory changes that may impact the business, compliance requirements, processes, and controls. While US ‘Federal Sentencing Guidelines for Organizations’ set forth suggestions for organisations to monitor and enhance their compliance programmes based upon monitoring results, the suggestions do not prescribe where such responsibilities should lie or how the guidelines should be implemented. As a result, many organisations have opted to integrate targeted monitoring within their compliance functions and internal audit with the aim of completing the ‘test’ work to better assess the organisation’s management of specific compliance risks.
KPMG Sofy GRC can help you
The KPMG Sofy GRC Suite can help you to overcome the challenges your organisation faces by embedding ownership in the first line of defence so that the business units ‘own’ their compliance risks, monitor their risks, and assess their controls for risk mitigation.
It offers a variety of standardised out-of-the-box solutions, with a minimal need for customisation and development. We at KPMG fully understand however that the solutions may also need to be configured specifically to respond to your needs and business challenges, so this is also possible.
The solutions we offer aim to help you to achieve the following benefits:
Data-driven risk management. Our solution targets automated risk and compliance activities based on your company data. Driving your risk and compliance processes based on data-driven insights helps you to focus on the real business risks.
More certainty. Automated control execution provides more certainty because more data is analysed and the controls are executed more consistently. More certainty means you run your business with peace of mind.
Collaboration between all stakeholders. Control exceptions are handled by the business. Internal control and internal audit can directly collaborate around any issues or fallout – all together in one integrated solution.
Executive-level transparency. Our solution gives real-time board-level transparency on actual compliance, control effectiveness and risk exposure.
The KPMG Sofy GRC Suite offers an integrated solution to manage different risk & compliance topics. It is not mandatory to subscribe to the full set of solutions, instead you can select only the solutions you really require.
Risk management. Manages a central repository of all risks. The solution also performs periodic risk assessments to assess and report on risk exposure.
Controls management. Provides a central repository of controls that are available for the entire organisation to review and use. Maintains controls, controls execution workflows and test plans centrally.
Third-party risk management. Performs efficient screening of your business partners with a focus on exception resolution and compliance in a cost-effective and user-friendly manner.
Access management. Manages your end-to-end access management process to ensure it is fully controlled. Monitors key violations and mitigates risks related to system access.
Continuous control monitoring. Automates control execution by using a repository of hundreds of control indicators based on better practices identified by KPMG.
Policy & regulation management. Efficiently maintains a central repository of policies, standards and relevant external regulations and enables new policies to be easily added in a controlled manner.
When it comes to GRC SaaS solutions, KPMG is leading the way, and our products are designed to help businesses not only with their current issues but also with general productivity.
The KPMG Sofy GRC Suite is only one example of our range of solutions, offering advanced, ready-to-use data-driven solutions that allow companies to make better business choices, manage risk, and improve overall performance.
The KPMG Sofy Suite is an example of a SaaS solutions which is built on advanced data solutions to help companies make better business choices, increase their efficiency, and also mitigate risk in their decision-making.
Do you want to learn more? Or do you have any questions, let us know and contact us.