Increase risk effectiveness and efficiency by taking the right steps to integrate modern technologies and processes.
Today’s risk functions are shifting away from a regulatory-driven gatekeepers that are focused primarily on protecting the business into strategic, value-added business partners. To meet this expanded mandate, enhancing risk effectiveness and efficiency has moved up the agenda.
In short, the risk function needs to be technology driven and data rich, while delivering sound, cost-effective risk and compliance programs. For many successful organizations, the best way to achieve these goals is risk transformation made possible by modern technology solutions.
This risk transformation is not a massive, top-down change but rather a continuous, agile process closely aligned to the goals of the business. With modern technology and processes at the core—and backed with timely data, proactive monitoring, and automated controls to address risk events as soon as possible—risk functions can evolve into truth-tellers of facts and trusted change agents for the organizations.
Based on our experience with clients, we have identified the following six key steps on the risk transformation journey:
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KPMG Powered Enterprise Risk
This solution combines agile cloud-based capabilities, industry-leading risk management processes, and a global network of experienced practitioners, KPMG Powered Enterprise Risk empowers risk departments to integrate the latest technology and leading practice to turn risk management into a source of competitive advantage.
KPMG Risk Intelligence (KRI)
A digital solution that enables cross-functional collaboration, operational efficiency, and effective communication. It also unlocks a more proactive, actionable view of current and emerging risks and — and helps organizations uncover opportunities by interpreting risk through advanced analytics.
Cyber Security Services
The Cyber Security Services team provides extensive services for re-platforming governance, risk, and compliance (GRC) capabilities. We treat re-platforming as an opportunity to review, reimagine, and reframe a GRC program. Our services can help cut down the costs of maintaining legacy tools, integrations, and code bases that contribute to inefficiencies.
KPMG Controls Observability
This solution helps provide deeper, faster visibility into key controls to aid in improving issue identification and response times. By leveraging modern risk platforms to implement real-time monitoring of key configurations, controls, and processes, governance professionals can identify non-compliance and potential issues before they impact critical processes or customers.
KPMG Modern Technology Risk Centers of Excellence (COE)
The Centers of Excellence helps organizations use technology to optimize risk management and realize efficiency and effectiveness gains. Our programs include performing highly technical risk assessments, implementing modern IT risk practices, and designing and implementing controls and compliance measures in real time.
KPMG has been repeatedly ranked number one globally in Source’s “Perceptions of Risk Firms” survey for multiple risk management categories, including Financial Risk, Third Party Assurance, and Client Advocacy in Risk.1 With more than 6,000 global practitioners, KPMG empowers risk and compliance teams to shift from being reactive advisors to proactive business partners, able to share quick, efficient, and reliable insight into the interconnected risks lying ahead.
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