Research and insights into risk management.
This 2016 report revisits the 2013 study of risk governance undertaken by the Institute of Singapore Chartered Accountants (ISCA) and KPMG in Singapore.
The study revisits the original focus areas and includes additional areas relating to risk tolerance, risk policies, risk culture, risk types and fraud risk management. Interviews with independent directors, leading risk practitioners, an academic, and a regulator were also conducted to provide further insights into the progress and key challenges in establishing adequate and effective risk management and internal control systems.
KPMG in Singapore, together with CPA Australia did a study that examined the findings and root causes raised in the Auditor-General’s Office (AGO) 2016 Report. This includes analysis of results from the previous 26 years as well as results of a survey and series of roundtables with internal audit, risk and finance executives exploring Integrated Assurance as a possible approach to address recurring themes.
Corporate boards are deepening their involvement in company strategy and refining their oversight of the critical risks facing the company, according to a recent global survey from KPMG.
The survey responses - from more than 1,000 directors and senior executives in 28 countries - suggest that while many boards are clearly stepping up their game, significant challenges remain, including linking strategy and risk, and addressing growing cyber security risks.
For many boards and audit committees today, helping to ensure that the company is headed in the right direction and taking appropriate risks – that the company “knows what it’s doing” – is requiring deeper engagement as the business and risk environment becomes more complex and faster paced. In this edition of Global Boardroom Insights, directors and risk professionals from around the world share their thoughts on how boards are strengthening their oversight of risk – particularly in the context of strategy. Risk and strategy, they agreed, are two sides of the same coin.