Norman Marks, SAP VP and OCEF Fellow, reviews KPMG’s recent report, highlights of which are below: we hope these will entice you to read Norman’s full article:-
“KPMG has released ‘The Convergence Evolution’, subtitled ‘Global survey into the integration of governance, risk and compliance’. As explained in the document, KPMG engaged the Economist Intelligence Unit (EIU) “to conduct a global survey that would assess the extent to which companies are adopting a coordinated approach to their governance, risk and compliance (GRC) activities.”
- “Before the [financial] crisis, 10 percent of respondents took GRC extremely seriously. Today, this proportion has risen to about 40 percent.
- “Although many respondents recognize the benefits of improved convergence, only 49 percent label it a priority for their organization. Most are still at a fairly early stage of maturity in their convergence activities.
- “Inefficiency is another common problem, with 41 percent rating themselves as effective at minimizing duplication of effort.
- “A lack of coordination among GRC activities means that many companies find it difficult to build risk awareness across the organisation and to ensure that the Board receives accurate, up-to-date risk information.
- “Despite admitting significant weaknesses in their current approach, many companies struggle to build a business case for improving the co-ordination between their GRC activities. Almost two-thirds of respondents consider GRC convergence as a cost, rather than an investment.”
For the full article, see http://normanmarks.wordpress.com/2012/02/18/kpmg-talks-about-grc-and-less/