On Thursday, 4 May our webinar “How to maximize value of your controls management” took place.
During this webinar, KPMG's Digital Risk Management (DRM) team elaborated on the growing importance of control integration. We have shared insights on how to effectively manage your organization's risk and compliance challenges while achieving integrated risk reporting (a single version of the truth). Our experts demonstrated that by using a structured and manageable approach, your control framework can be rationalized, automated, and integrated with your risk, compliance, and internal policy frameworks.
We also emphasized the importance of the control culture, enabling stakeholders across the organization to contribute to the management of ever-increasing risk and compliance requirements. By applying standardization, rationalization, integration, and automation, efficiency can be increased considerably (execute once, report often) in order to reduce the cost of control while effectively managing risks.
Below you can find the key takeaways of our webinar.
- If you aim at nothing, you will hit nothing: Start by identifying the specific risk and compliance requirements scope that apply to your organization.
- If you want to go fast, go alone. If you want to go far, go together: Involve all relevant stakeholders in the process of designing and implementing internal controls. This not only includes IT professionals, but also business leaders and employees who will be affected by the controls.
- Less is more: Standardize processes and harmonize input in order to enable centralization, alignment and efficient & effective collaboration. Avoid duplication by integrating risk- and compliance activities and rationalizing control frameworks.
- It is anno 2023: Use automation and technology to streamline and enhance the effectiveness of your internal controls. For example, consider using software tools to monitor compliance with regulations and policies.
- Times change: Keep your controls up to date by embedding maintenance within the governance as your organization evolves and new risks and compliance requirements emerge. This will require regular review and updates to ensure that controls remain effective.
- No need to start from schratch: Accelerate this journey by leveraging the prebuilt assets from the KPMG Powered methodology.
Following Internal Controls good practices ‘upfront’, most often results in higher added value and a decreased ‘cost of control’. Usually, organizations spend considerably more when ‘retroactively’ firefighting risk & compliance breaches without providing additional value.
Relive the webinar
How to maximize value of your controls management – Thursday, 4 May 2023
We started our webinar with an introduction by Hans Meulmeester, Competence Lead IT GRC Solutions at KPMG Belgium. Hans discussed the trends, challenges, and opportunities we see in the current market related to control integration.
After that, Sarah De Kooning, Manager IT GRC Solutions at KPMG Belgium, elaborated on the vision & approach of KPMG Belgium on the challenges & trends as discussed by Hans Meulmeester including a deepdive in the KPMG Powered Enterprise methodology.
Then, Dorthe Neefs, Senior Advisor IT GRC Solutions at KPMG Belgium, provided an overview of the way we can transform your internal controls function & how we can help you to make that a success.
Lastly, Hans Meulmeester concluded the webinar by listing the most important key takeaways to lift your control integration activities to the next level.
If you missed the webinar or would like to revisit it, we invite you to watch the recording and download the slides.
Watch the recording