Regulators worldwide have increasingly emphasized the importance of internal controls through the enactment of various regulations, laws, and standards. In an era where governance, transparency, and accountability are crucial pillars shaping global economies, the United Arab Emirates (UAE) stands at the forefront of developing robust regulatory frameworks.
Regional regulators are continually striving to evolve the regulatory landscape to address changing needs, adapt to new circumstances and technological advancements, and strengthen governance frameworks by incorporating the latest trends and leading global practices. This commitment is evident in the issuance of key regulatory frameworks by authorities such as the Securities and Commodities Authority (SCA), the Abu Dhabi Accountability Authority (ADAA), and the Insurance Authority (IA).
Commitment to integrity and accountability
The integration of principles akin to the Sarbanes-Oxley Act (SOX) into the UAE's regulatory environment underscores a dedication to fostering a corporate culture founded on integrity and accountability. Additionally, the COSO Internal Controls Framework is now recommended by regulators for all listed companies and most government entities, with more regulators expected to adopt it in the near future.
KPMG's comprehensive solutions
At KPMG, we offer comprehensive solutions designed to enhance and transform internal controls, ensuring compliance with these evolving regulatory frameworks. Our expertise in internal controls enables organizations to:
- Navigate complex regulations: Effectively manage and comply with diverse and dynamic regulatory requirements.
- Achieve operational excellence: Streamline processes and improve efficiency through robust control systems.
- Align with strategic priorities: Integrate internal control frameworks seamlessly with your organization’s strategic goals.
By leveraging our deep knowledge and experience, we help organizations in the UAE build resilient internal control environments that not only meet regulatory demands but also drive overall business performance and integrity.
Our services
Tools and technology
Decipher – control optimization
Decipher uses AI technology to drive impactful insight and control enhancements.
Key features
- Compare risks and controls to KPMG best practice benchmarks
- Analyze the relationship between risks and controls
- Identify and priorities control automation opportunities
- Identify where controls are duplicated
- Analyze controls against best practice frameworks
Key benefits
- Time and effort savings in control operations and testing
- Optimization and improvement of controls
KymChat
A comprehensive tool and AI accelerator that not only guides but also educates users on the creation and maintenance of quality controls, fostering a culture of continuous learning and improvement.
Key features
- Enhanced ability to respond swiftly and confidently to regulatory changes, ensuring comprehensive coverage
- Actionable insight for issues that need rectification and clear steps for improvement
- Transparent visibility to track compliance obligations, promoting accountability and fostering trust
Key benefits
- Focus on strategic, high-impact tasks rather than routine work
- Supports in the creation and maintenance of quality controls
Processing Mining
Process Mining is a data-led approach, providing complete business process transparency and the ability to generate deep process understanding.
Key features
- Create real time visibility of end-to-end operations
- Reveal hidden gaps and deviations within the E2E process
- Execute targeted optimization using data led outcomes
- Generate upstream and downstream insights to identify root causes and assess impact
Key benefits
- Identification of process weaknesses, inconsistencies and SOD (segregation of duties) conflicts
- Calculate process savings through service model review and automation of manual tasks
Insights and resources
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