Faced with ongoing economic challenges, increased pressure to improve risk management effectiveness, and preparing for emerging regulatory requirements, many organizations are recognizing the need to evolve and transform their internal audit and risk management functions to align with strategic business objectives. The Board, Audit Committees, Senior Leaders and Regulators have taken a deep interest in the roles, responsibilities and execution of these functions – especially in such pivotal areas as governance, risk identification and management, quality assessment, and sustained compliance.
The professionals in our Internal Audit, Risk and Compliance Services group combine industry knowledge, experience, leading methodologies and a performance focus to help enable internal audit, risk management, compliance and finance functions. We have a global network of more than 7,500 professionals that our clients can tap to improve business effectiveness across functions and across borders.
Internal Audit Services focuses on providing value proposition to meet clients' specific needs pertaining to:
- the effectiveness of Corporate Governance in achieving business objectives and fulfilling shareholders' expectations;
- the effectiveness of assessing and managing business risks;
- the effectiveness of establishing a robust mechanism to monitor cross-border investments and operations;
- the effectiveness of the internal audit function in dealing with an organization's key risk areas and providing assistance to management in monitoring the implementation of related controls; and the requirements as to Corporate Governance and internal controls for local businesses with the intention of seeking an initial public offering in overseas markets, e.g., the US, Hong Kong, and Singapore.
Our services include:
- Assistance in building the high efficient and effective board committee
Our Board Advisory Services is to assist the board of Directors in focusing on the critical business strategic agenda, identifying business performance improvement and operational blind spots or misconduct, in order to take management actions and prevent in advanced. We facilitate the board committee to solve the agendas from the potential decision management and organization culture by customized services.
- Assistance in the establishment of a Corporate Governance structure and framework
Leveraging on KPMG's integrated approach for Corporate Governance diagnosis, we can assist the board of Directors to assess the effectiveness of their Corporate Governance structure and framework relating to strategic planning, monitoring and evaluation, stewardship, and board Committees of various functions, and assist management with the implementation of improvement opportunities.
- Assistance in the establishment of a Business Risk Management framework or the provision of a full spectrum of Enterprise Risk Assessment
Assisting the board of Directors and management to implement a systematic approach in identifying, assessing and monitoring enterprise-wide business risks the organization faces, and assess the appropriateness and effectiveness of controls, timeliness of action plans along with data analytics to not only mitigate the risks but also build an ecosystem in risk management and internal controls.
- Assistance in the establishment and enhancement of an internal control framework
Assessing the internal control framework and control self-assessment based on our risk-based approach, and assisting the organization with the implementation of action plans and training regarding the internal control framework.
- Assistance in compliance with foreign regulatory requirements on Corporate Governance and internal control for a foreign-listed company.
Assisting a foreign-listed company to comply with the regulatory requirements on Corporate Governance and internal controls of US SOX, J-SOX, etc. This includes establishment of a Corporate Governance structure, formalizing the documentation of internal controls, assessment of internal controls and implementation of remediation plans.
- Assistance in the evaluation and enhancement of the performance of Internal Audit function
Assisting organizations to gain better value from their internal audit function with the assessment of how well internal audit is structured, manned and operated. This will ensure that internal audit keeps pace with the expectations of the board of Directors and assist the board of Directors and management in discharging their responsibilities for monitoring the system of internal control.
- Assistance to an organization’s Internal Audit function through strategic sourcing
Assisting organization's in-house Internal Auditors to implement a risk-based internal audit strategy and/or address specific risk areas of concern, and to assess the effectiveness of internal control. This will reduce the cost incurred in recruitment and training of the in-house Internal Auditors.
- Assistance in reviewing compliance of contractual obligations
Assisting management in reviewing a counter-party’s contract compliance in areas such as royalties, licensing, distribution agreements, advertising, digital content and more. This will enable an organization to recover revenue misstated in self-reporting statements while maintaining and improving relationships with its business partners.
- Assistance in the risk management agenda among the supply chain
Assisting management in reviewing the relation and requirement to the supply chain under the dynamic changes occurring in the regulatory and business landscape due to national and global initiatives on diversified business co-work models, supply chain globalization, and regulatory update. We assist clients anticipate changes in the competitive and regulatory environment, improve their supplier chain risk profile, protect from well-defined contracts and agreements, communicate with supplier’s performance reporting, manage supplier risk, and engage with compliance requirements. We facilitate clients to build solid partnership and monitor corresponding risk in the supplier chain management by a balanced way.