Transforming and digitalizing the risk function
Achieving sustainable growth and improving business conduct through transforming the risk function is key to operating in today’s environment. No matter how simple or sophisticated process, organizations need to have some form of its own governance, risk and compliance management. Risk transformation is the transformation of people and processes through the use of modern risk technologies in order to:
- Establish, execute and communicate risk and compliance objectives across the organisation in a technology-enabled way
- Identify, mitigate, and report on a complete and consistent library of risks, controls and key performance indicators using technologies to support these organizational-wide processes
- Align the monitoring of compliance and risk profiles with both regulations and internal policies using various technologies to track exposures and quickly manage and mitigate risks
KPMG selected GRC Transformation & Technology services:
- Risk transformation support – supporting your organization throughout your risk transformation journey
- Risk & GRC technology selection – providing organizational support with regards to requirement specification and tool selection process, bringing together our global expertise on the latest developments in the GRC technology market
- Risk & GRC technology implementation – enabling configuration and implementation of your GRC technology ecosystem
- Real-time driven data & analytics solutions – predictive solutions enabling your organization to leverage external and internal data to support valuable insights and decision-making
- Powered risk – using our KPMG concept for agile, cloud-based capabilities and enhanced risk management processes
How we can help
KPMG’s cross-functional team supports organizations with the improvement of government and business processes and controls to ensure that the organization’s risks and opportunities are being well managed. Our team also assists clients with identifying technology requirements to serve Governance, Risk and Compliance processes, including selecting and implementing risk and GRC technology platforms as well as performing post deployment reviews to assess lessons learned from implementation.
People and Culture first
The best risk technologies in the world can’t fix a cultural problem. Senior executives need to make sure businesses have the right skills, people and corporate culture in place to effectively manage risk. Our risk transformation methods and frameworks are taking departure in the people and the culture of the organization because they will be the true enables of any risk transformation initiatives.
Once the culture and people are properly aligned, a fit for purpose risk technology and data strategy and framework needs to be determined – then the process and technology can enable the required outcomes. Many companies have, or are moving to, cloud-based platforms and applications that are specific to different business functions such as finance or procurement, but in many cases the systems don’t speak to each other and the data format and structure is not aligned. Without the right technology, organisations can’t get the efficiencies needed in reporting and managing risk. Our risk transformation technologies enable us to transform our client’s processes so that the process of identifying, managing and reporting on organizational-wide risks are performed seamlessly, speedy and efficiently.