KPMG finds increasing appetite in GRC is mainly driven by a desire to reduce risk exposure (54 percent in the United States and 51 percent globally) and the need to tackle overall business complexity (34 percent among U.S. firms and 35 percent globally).
(PRWEB) March 02, 2012
Big4.com, the premier social networking forum for professionals and alumni of Accenture, Andersen, BearingPoint, Capgemini, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers PwC highlighted recent findings from a KPMG global survey that corporate boards are surely and rapidly increasing their focus on business risk.
The Convergence Evolution, a KPMG global survey of senior risk decision-makers, finds 50 percent of U.S. boards and 41 percent of boards globally are taking Governance, Risk and Compliance (GRC) very seriously, compared with just 13 percent in the United States and 10 percent globally among those polled prior to the recent financial crisis. According to research by KPMG International, as governance, risk and compliance issues continue to make substantial progress moving up the corporate boardroom agenda, executive management seek assurances that all three components are being integrated effectively and efficiently.
Approximately 90 percent of respondents to the KPMG study found GRC costs had increased, an indication of the higher priority placed on GRC, but a potential tell-tale sign of opportunity to better coordinate managing these processes.
In addition, just 45 percent of U.S. respondents and 38 percent of global respondents said their organizations were effective at sharing information and resources across functions, and about a third of respondents said their companies were good at ensuring a consistent GRC approach across borders.
Other highlights from the KPMG survey include:
The increasing appetite in GRC is mainly driven by a desire to reduce risk exposure (54 percent in the United States and 51 percent globally) and the need to tackle overall business complexity (34 percent among U.S. firms and 35 percent globally).
For 7 percent of U.S. organizations and 16 percent globally, governance convergence should result in long-term reduced costs.
Forty-four percent of U.S. companies and 43 percent of organizations globally say they are effective at ensuring the quality and availability of data around GRC.
Just 7 percent of U.S. organizations and 9 percent of those globally say their GRC activities are fully integrated into their business strategies, the survey found.
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