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.
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:
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.
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.
It is not only data-driven, but knowledge-driven as well. The combination of our KPMG knowledge consisting of years of experience and unique capabilities, together with your data is the foundation for a strong and successful GRC collaboration.
Through Smart Tech Solutions, KPMG unleashes its worldwide knowledge and experience in the areas of growth, performance, risk and regulation. With the help of data and technology, our smart tech solutions create insights into performance, opportunities and threats.