Risk management is not the responsibility of a single department
Senior management needs to set the tone at the top and clearly show the importance that risk management represent in their eyes. In their day to day business, companies are facing many different types of risks such as financial risk, fraud risk and IT related risks. Senior management knows that when understood and properly managed, risk can create business opportunities and deliver real value to their business.
Also, tougher expectations by regulators and other stakeholders mean that corporate and financial institutions should demonstrate better discipline, control and responsibility. Failure to keep on top of and comply with existing and emerging regulation could jeopardize reputations and livelihoods.
With all these demands, internal audit is in many companies often elevated from pure compliance to a function that regularly reviews the risk profile for emerging risks and identifies trends with a view to business performance.
Our risk and compliance team is here to help
With a team of professionals, supported by a wider global network, we have a strong national presence and a multinational capability to handle complex cross-border engagements. We are proud of the depth and breadth of our technical experience, encompassing a wide variety of skills and disciplines.
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Simon Townend
Head of Advisory for The Bahamas, British Virgin Islands, and Cayman Islands
KPMG in The Bahamas