From compliant to transparent

In the midst of the most disruptive decade in generations, where data has become the most valued commodity, countless businesses have been built around taking advantage of a combination of initial amazement and public naivety. Social media companies monetizing personal data, unregulated marketplaces riding the cryptocurrency wave, ESG reporting turning to greenwashing, and now GenAI promising to disrupt just about everything, are all spawning an ever-growing wave of new regulations. These new data-centred regulations force corporations to disclose more about their operations than ever before - across a wider range of data such as ESG, third-parties, operational resilience, or cybersecurity. 

Corporations must be able to cope with the conundrum of reporting data in ever higher quantity, higher quality, and higher frequency whilst regulators enforce ever larger fines for failure to comply. In the meanwhile, customers have grown both wary and savvy.

They can address the former as they have always done, with ever bigger departments handling manual consolidation and beautification of spreadsheets behind closed doors or turn the latter into a differentiating factor for growth.

While disclosures in footnotes and annual reports may satisfy lawmakers and regulatory authorities, concerned customers may - at best - gain confidence in an industry as being well-regulated, but not one specific corporation. Compliance being a basic element of running a corporation by which all abide, neither accurate income statements, timely reporting of market information or adequate management of personal data can be seen as generating any significant competitive advantage – no matter how detailed, costly, or well-worded. 

What if the data being gathered to meet regulatory requirements could be easily leveraged to provide clear continuous monitoring of compliance, on any given day, rather than in audit or financial reports? What if those daily insights into the compliance posture of a corporation could translate into confidence and trust from both internal and external stakeholders? 

Confidence that an unplanned review by a regulatory body is seen as a welcomed chance to shine.
Confidence that queries from the public are easily captured, simply handled, and timely answered.
Confidence that weaknesses across processes can be reported, addressed, closed, and documented
– even proactively.
Confidence that compliance can scale alongside new regulations.

Using the ServiceNow platform as a single source-of-truth, corporations can integrate their existing systems across processes and silos to gather data in one place. Discrepancies can easily be detected, common processes can be defined and monitored at scale, and data residing across otherwise independent systems can be aggregated. Furthermore, clients, regulators, suppliers as well as any employees can not only have access to the published data but also contribute by asking questions or providing information. 

At that stage of their transformation, corporations can start to gain trustworthy insights beyond their periodic mandatory disclosures. When data has become a valued commodity, leveraging existing structured and enriched data can quickly yield returns at no significant costs, helping corporations disclose openly information that matters to customers and regulators alike.  

KPMG has a long tradition of helping our clients comply with existing and new regulations whilst improving their processes, defining operating models based on best-practices, and rethinking their business as a whole. ServiceNow on the other hand, delivers a suite of pre-defined modules such as Risk & Compliance, HR, CSM or Portfolio Management which deliver workflows to realize those recommendations. 

It became therefore natural for KPMG and ServiceNow to enter a strategic partnership where integrated solutions including both processes and technologies are being delivered symbiotically. KPMG has therefore built a unique team of experts who have a combination of Advisory and Consulting experience as well as technological acumen who can bridge the gap between business needs and technology deliveries. Our delivery team can help leverage the ServiceNow platform capabilities to automate the consolidation of existing valuable data into meaningful insights and allow clients to achieve value by becoming more transparent.

At the end of the day, regulatory authorities have always forced corporations to define actions and track statuses to handle non-conformities and issues. Meaningful insights being presented in a public, clear, accessible manner will simply move corporations from being accountable behind closed doors to becoming transparent about their willingness to deliver on their core values. 

Please get in touch, and we'll get back to you!