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COVID-19: A perspective on compliance and controls

COVID-19: A perspective on compliance and controls

Bavan Nathan discusses critical risks and controls

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Bavan Nathan

Partner

KPMG in the UK

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“The profession is going through a seismic change. The time is now to focus on that change.” 

In our new reality video, Bavan Nathan, Partner, Head of Internal Audit & Risk Compliance Services, looks at what recovery and the new reality post-COVID-19 could look like for risk, compliance and controls.

If you’ve been unable to focus on controls

“There are organisations that have not got a good understanding of their risks and controls through this crisis – largely due to things like furloughing of staff.”

As a minimum, these companies should assess their critical risk and controls, focusing on:    

  • fraud risks    
  • prioritised regulatory obligations   
  • the integrity of financial reporting.   

If you’ve already gripped the risks and controls

The next steps for organisations that have been able to focus on risks and controls are to:

  • continue the activities that have delivered resilience, but reprioritise to reflect any planned changes  
  • implement an agile risk and internal audit planning process    
  • use the lessons learnt during the crisis to start planning for the risk, compliance and IA functions for the inevitable new reality.  

Our enterprise resilience guide provides more detail on governance, risk and controls.

© 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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