KPMG launches Digital Risk Platform

KPMG launches Digital Risk Platform

KPMG is introducing a new platform to help companies defend themselves better against cybercrime. The new platform, the Digital Risk Platform, is based on KPMG's existing SOFY platform which allows companies to better unlock all the information available within their organisations. The Digital Risk Platform moves beyond the current SOFY platform.

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The platform offers companies an extensive range of processes to better map and calculate possible risks, to ensure the safety and quality of their operations and to offer safe solutions for IT projects. This supports companies in determining their risk appetite, where the responsibility for risks lies within the organisation and how these risks fit into the company's overall strategy.

Companies increasingly need to provide assurance on digital risk

"Many companies are undergoing a digital transformation, which has major consequences for their IT environment", says John Hermans, KPMG's Cyber Lead Partner.

According to Hermans, "At the same time they're facing the threat of cybercrime. So company stakeholders and supervisors are increasingly insisting on greater insight into these threats and improved control measures of the risks by the board and senior management. Moreover, legislators are increasingly requiring external auditors to run tests to provide insight into a company's cyber risks and provide extra assurance to stakeholders with respect to the financial result."

Insufficient understanding of risks

Despite the significant investments that companies are making to be in control, according to Hermans, many companies still find it difficult to identify the real risks they run with regard to cybercrime. As Hermans says, "In general, companies are not sufficiently aware of the risks they're running and therefore are ill-equipped to form an opinion on the risks they're willing to take."

Digitalisation of risk management

Hermans sees the digital transformation of all risk management activities as the key solution to the problem. Hermans: "Just as with other business activities, companies need to automate the most essential processes and ensure these are continuously fed with the latest data. This seems to be a huge challenge for many companies but, in general, the processes, the information flows and the calculations are identical for every business. That's why KPMG has developed the Digital Risk Platform.

A health check

The Digital Risk Platform helps risk management departments to better assess the health of their processes and to avoid relying on controls that don't actually work like they are supposed to. Moreover, the platform allows company management to better understand potential risks, to express their risk appetite and to clarify how these risks fit into the company's overall strategy. It's also worth noting that companies can achieve significant savings through the platform. KPMG expects companies utilising the Digital Risk Platform to its full capabilities to be able to reduce their risk management departments by 50% to 75%.

For more information contact John Hermans, partner Cyber Security.

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