Risk and Management consulting

We help organisations understand major risk exposures, assess their corporate management system, risk management etc.

Organizations around the world are increasingly expected to identify, understand and manage the risks they face. Financial risk is an unavoidable part of today’s business environment. Your organization’s image and reputation can be threatened by fraud, corporate crime, commercial disputes and litigation, which in turn can erode public trust in you. Risk management is no easy task, and it is made even more difficult by an increasingly complex regulatory environment with countless requirements.

We can explain what it means to be aware of risk. Our internal audit and risk consulting specialists help organizations better understand the risks they are exposed to, assess their corporate governance, risk management and internal control environment, and develop effective control systems and measures. We will help you limit reputational risk and avoid costly and unnecessary disputes and litigation.

The ability to adapt to social, environmental and market changes is crucial for the sustainability and long-term success of any organization. It is also important to find a balance between the interests of the organization and ways to address problems in the labor market, increasing resource costs and the social impact of their activities.

KPMG sustainability specialists will help you manage risks, changes and seize opportunities, focus on what is important, identify potential sources of income and expenses and thus create an organization's business culture and relationships, as well as strengthen its image among target groups.

Services are provided in the following areas:

• Financial Risk Management
• Internal Audit, Risk and Compliance
• Fraud Investigation Services
• Actuarial Services
• Sustainability
• Accounting Consulting

Forensic

KPMG provides support to legal advisers, board and council members, owners, audit committees and other stakeholders in assessing suspicions or allegations by providing a clear understanding and evaluation of the facts and circumstances to draw conclusions as to whether fraud, breach of authority has occurred, or violations of applicable external and internal laws and regulations (revenue or assets obtained as a result of fraudulent or illegal activities, violations of internal regulations and ethical business principles, transactions of related parties, etc.).

Compliance tests with regulatory requirements and good practice guidelines

Tests regarding compliance with laws and regulations and good practice guidelines in the area of anti-bribery and corruption, AML/sanction obligations, accounting records, regulatory requirements of the financial sector and other. Investigation of violations of laws and regulations in these areas.

Events at the global, regional and local level constantly change and have a profound impact on our everyday lives. This affects governments, companies, and each of us individually, and makes it critical to remain on track, to update action plans, or to set an ambitious vision that will help adapt to and overcome the challenges posed by the current environment.

How can KPMG help?

KPMG is a trusted partner, able to dive deep into each individual client’s situation, offer expertise in different sectors and provide its independent and data-driven vision of the organisation’s development and the most appropriate strategic objectives. Our objective is to ensure that the client feels confident about the strategy and is able to implement it. It can be achieved both by analysing performance indicators to date and by employing more innovative methods such as “design thinking”, which allows broader teams to be involved in strategy development, customer experiences to be explored and goals to be agreed that everyone can buy into.

Our Strategy Development Team of Management Consulting will assist you with the following:

• Development of a comprehensive strategy for public authorities or private companies (for a medium term of 5 to 7 years or long term of 7 to 25 years)
• Development of an action plan for the structural unit (department, unit, branch etc.)
• Development of a thematic strategy
• Assessment of the existing strategy
• Update of the existing strategy
• Development of an OKR plan

Public sector decision-makers face significant challenges every day. Planning of budget facilities on the one hand and addressing societal needs on the other hand requires developing research-based policy actions and coordinating a wide range of stakeholders. The choice of policy actions can have a direct positive impact on a country's economic development and the quality of life of its citizens and need to be based on facts, evidence, international best practice, and discussions with industry players so that the most appropriate solutions are selected for the local context.

How can KPMG help?

Our experts have many years of experience in management consulting for the public sector - developing and proposing policy scenarios for further use in decision-making at ministries and cabinets of ministers, and in formulating recommendations to improve the efficiency of public administration, as well as encouraging and facilitating the implementation of brand new policy initiatives. In order to address client needs better, KPMG often draws on the expertise of its international network to learn best practices from countries that are considered leaders in their respective fields. During the course of recent years, KPMG experts have gained in-depth experience in education, regional development, energy, transport, and sustainability policy.

Our Public Sector Management Consulting experts will assist you with the following:

• Assessment of the current and planned policy (incl. applicable regulations);
• Development and assessment of policy action scenarios;
• Development of new policy initiatives;
• Functional audit of public institutions and companies, support in changing the organisational structure and analysis of reorganisation scenarios;
• Development of business continuity plans for public institutions and companies
• Digital transformation

The finance function must be aligned with business strategy and provide financial analysis and insight to support corporate decision-making, while complying with legal and regulatory requirements. With a global network of professionals, finance management is able to provide the right people with the right skills in the right place at the right time to help organizations become leaders in finance. Our goal is to help maximize the performance of the finance function and increase the value it delivers to the business, which is why we, at KPMG, offer a variety of finance management services across our three service networks – Effective Finance Operations, Effective Decision Support and Finance Strategy and Transformation.

25 May 2018 is the date when the requirements of the General Data Protection Regulation (GDPR) became applicable to every company operating in Latvia or any other member state of the European Union. Although companies may find it challenging to implement the required changes in data processing, these changes may be perceived as an opportunity and a benefit – getting privacy right may boost your competitiveness. 

Our team of certified data protection specialists, IT consultants and legal professionals will help you prepare your company for the new regulation and ensure privacy is safeguarded properly:

• Consultations about GDPR
• Audit of IT systems and processes
• Independent assessment of the "as-is" state of data protection and recommendations on how to achieve the "to-be" state
• Implementation of personal data protection requirements – i.e. internal regulations, agreements, drafting of privacy acts and defining technical requirements
• Assistance in strategic planning and implementation of privacy management
• Services provided by certified data protection specialists
• Assisting organizations and companies in addressing their privacy challenges
• Seminars and trainings on data protection

Contact KPMG Law office team to discuss your business needs regarding GDPR.

Our professionals are equally strong in the fields of commerce, IT, technology and mathematics and can therefore demonstrate how various types of analytics can provide a company with significant competitive advantages. We consider risk, cost and business growth to be the most important. Over the years, we have helped many organizations increase revenue, improve efficiency and manage risks.

Latvia and the European Union offer a wide range of grants and financial instruments. To help you navigate through the offers, the EU Funding Advisory team at KPMG in Latvia has the expertise to identify the most suitable financial instruments for your business activities.