Governance
At R.G. Manabat & Co. ("KPMG in the Philippines" or the "Firm"), we know that trust is earned by doing what is right. To inspire confidence and empower change, we need to consider the economic, environmental and social impact of our activities, align our financial and societal performance as part of a shift toward stakeholder capitalism, and have strong governance in place to oversee all that we do and ensure that we do it well.
Integrity: We take full accountability for our actions, even in challenging circumstances. By promptly acting and speaking up, our priority is to uphold honesty, while adhering to ethical and professional standards.
Together: We foster an environment of inclusivity, safety and belonging through upholding respect and dignity for all. We proactively build and nurture meaningful relationships with individuals from diverse backgrounds, thus driving better outcomes and solidifying our commitment to inclusive leadership.
Excellence: We are dedicated to fostering personal, technical and professional growth. By embracing constructive feedback from one another, we reflect and evolve from both successes and failures.
For Better: We go beyond individual concerns and aspire to make a broader impact from local communities to the global stage. We contribute small yet impactful efforts each day to strengthen the future of the firm.
Courage: We embrace bold thinking and innovative problem-solving. Through candid dialogues and decisive actions, we navigate challenges with a commitment to excellence.
Responsible business practices across services lines
Act lawfully, ethically, and in the public interest
We are committed to the highest standards of personal and professional behavior in everything we do. Within our Global Code of Conduct, we outline the responsibilities all KPMG employees have to each other, our clients and the public. It shows how our Values and Purpose inspire our greatest aspirations and guide all of our behaviors and actions. It defines what it means to work at and be part of KPMG, as well as our individual and collective responsibilities.
At R.G. Manabat & Co. ("KPMG in the Philippines" or the "Firm"), we uphold a steadfast commitment to acting lawfully, ethically, and in the public interest. This commitment is exemplified through our comprehensive training program,Integrity at KPMG, which emphasizes doing what is right in all aspects of our work. Our target completion rate for this training is set at 100%, and we are proud to report that we have successfully achieved this goal, with every member of our team completing the Integrity at KPMG training. Our target completion rate for this training is set at 100%, and we are proud to report that we have successfully achieved this goal, with every member of our team completing the training.
We consistently uphold our core values even in challenging situations. The latest 2023 KPMG Global People Survey (GPS) results indicate positive progress in our commitment to ethical conduct.
This underscores our unwavering dedication to fostering an environment where our people feel empowered to report unethical practices without fear of reprisal, reinforcing our commitment to integrity and ethical standards at every level of our organization.
We aim to foster transformative services across diverse sectors. Our engagements underscore collaborative efforts with various industries, government entities, and beyond, ensuring a collective approach to societal well-being. From redefining fiscal strategies through Finance Transformation to fortifying digital resilience with Cybersecurity, KPMG strategically positions businesses for success in an interconnected world.
Compliance with Laws and Standards
Act lawfully, ethically, and in the public interest
KPMG’s Core Values define who we are, what we do, and how we do it. They define our culture and our commitment to the highest principles of personal and professional conduct. Based on KPMG’s Core Values, the Global Code of Conduct provides the primary standards of ethical conduct to ensure compliance with local laws, policies, and professional standards.
We foster strong internal compliance monitoring programs amidst a dynamic regulatory environment, and maintain collaboratively relationships with key regulators and standard-setting bodies such as but not limited to the following:
- ➦ Auditing and Assurance Council
- ➦ Anti-Money Laundering Council
- ➦ Bangko Sentral ng Pilipinas
- ➦ Board of Accountancy
- ➦ Bureau of Internal Revenue
- ➦ Cooperative Development Authority
- ➦ Financial and Sustainability Reporting Standards Council
- ➦ Insurance Commission
- ➦ Philippine Interpretations Committee
- ➦ Philippine Stock Exchange
- ➦ Philippine Sustainability Reporting Committee
- ➦ Securities and Exchange Commission
Our commitment to ethical standards is shown through our adoption and implementation of policies and guidelines that are in accordance with the IESBA Code of Ethics for Professional Accountants and the Board of Accountancy guidelines, including compliance with Philippine Standards on Auditing, Philippine Standard on Quality Management and other relevant issuances of the BOA and other regulatory bodies.
The Firm’s multifaceted compliance approach demonstrates its strong commitment to maintain adherence with laws and regulations not only by the Firm but also its clients and relevant third parties or suppliers.
- ➦ Accountancy Act of 2004
- ➦ Revised Corporation Code
- ➦ Securities Regulation Code
- ➦ Tax Code
- ➦ Insurance Code
- ➦ Cooperative Code
- ➦ General Banking Law
- ➦ Anti-Money Laundering Law
- ➦ Data Privacy Act
- ➦ Other relevant laws and regulations
Transparency, Integrity and Accountability
Act lawfully, ethically, and in the public interest
Apart from webinars and public engagements, we actively release Thought Leadership articles to showcase our insights and expertise across various business and industry topics and promote transparency.
Authored by KPMG professionals, these articles delve into current trends, challenges, and opportunities, providing strategic insights and recommendations for clients, industry professionals, and the broader business community.
In FY2023, we released 237 Thought Leadership (TL) articles across various topics and sectors.
Top Thought Leadership articles by topic
Published
Our strategic initiatives involve optimizing processes through a Document Management System (DMS) and implementing Robotic Process Automation (RPA).
The DMS serves as a centralized hub for storing, accessing and managing various documents, thereby reducing manual effort, enhancing efficiency, and aligning with Global ESG initiatives. Led by Finance & Accounting (F&A), with collaboration from ITS and Admin, the system is powered by a platform for document digitization and workflow automation. The system enables easy document retrieval with advanced search, enhanced security, reduced storage via paperless workflows, and improved collaboration for processes like Payment Requests, Cash Advances and Expense Reports.
The DMS feature centralizes scanned and electronic files, offering fast access, control, and protection of company data. Digital workflows replace paper forms with e-forms, enabling online submissions, transparent approval processes and timely email notifications for required actions.
Meanwhile, the RPA is strategically applied to processes like Depreciation/Lapsing Monitoring, Bank Reconciliation and Timesheet Monitoring. This RPA implementation, led by the F&A and RPA teams is expected to bring significant improvements in overall operational effectiveness.
Combatting Corruption
Work against corruption in all its forms
Along with our Global Code of Conduct, our anti-bribery and corruption program is designed to ensure we uphold the highest standards of professional integrity. Under the We Do What is Right: Integrity at KPMG program, this includes detailed policies for all KPMG R.G. Manabat & Co. personnel, compliance procedures and an international whistleblowing hotline that is available for KPMG personnel, clients, and other third parties.
The Risk Management team trainings that focus on ethical behavior, adherence to professional standards, and principled decision-making. We assess prospective clients, third parties, and suppliers for bribery and corruption risks, including evaluating their principals, business practices, and conducting background checks on key management and significant beneficial owners.
A key focus of the Firm’s know your client (KYC) process is the integrity of the management and those charge with governance of a prospective client. This KYC evaluation considers information on breaches of law and regulation, bribery and corruption, and human rights violation, among others.
We establish and maintain processes to monitor, manage and control how our Firm partners, personnel and relevant third parties or suppliers interact with government entities and government officials so as to ensure compliance with applicable laws and regulations and to maintain public trust.
In FY 2023, there were no reports of bribery or corruption at the firm.
Zero reported cases of bribery and corruption
Data Security
Maintain client confidentiality
We are committed to upholding the highest standards of information protection, data privacy, and security. The importance of maintaining client confidentiality is emphasized through a variety of mechanisms including the Global Code of Conduct, regular Data Protection Training, and the annual affidavit/confirmation process that all our professionals are required to complete.
We are required to protect our clients’ data against loss and exploitation; hence, it is critical that we ensure we have appropriate governance structures in place to manage data and cybersecurity risks, especially with the increasing occurrence of cyber-attacks, and the higher sophistication of these cyber-attacks.
We have continued to enhance our detection, reporting, and awareness of cyber-risks which included the following activities:
- ➦ Affidavit/confirmation: Dedicated Security Management
- ➦ Patch and Vulnerability Management
- ➦ Assets Management
- ➦ Identity Management
- ➦ Containment
Zero notifiable breaches
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