- How much capital will I need to invest to be a partner at Big 4 firm?
- Doing Their Part: Accenture’s Ed Meehan talks about the “Hiring Our Heroes” Workshops
- 3 essential people you MUST have in your corner if you have a fighting chance of making partner
- How Should Consultants Best Use Facebook and Social Media
- 7 options to avoid lowering your fees for a client
- The only 8 metrics you need to make sure your business development activity is hitting the spot
- 3 simple questions to help you find your niche
- How to Deal with Client Unresponsiveness
- How my love affair with Buzzards will help you generate more referrals
- Every Coin Has Two Sides: Ernst & Young’s Joe Steger Talks With Big4.com About Q1 Global technology M&A update
KPMG: Processes Around Risk Management Remain Largely Manual
July 3, 2012
By Rob Starr, Content Manager, Big4.com
According to new research from audit, tax and advisory firm KPMG LLP, just 16 percent of over 100 executives polled at the 2012 RSA Archer GRC Summit described their risk management processes as automated, despite the availability of enabling technologies to help manage risk.
Greg Bell, a U.S. principal at KPMG and the Global Information Protection and Business Resilience Leader said 64 percent of respondents described their ERM programs as manual, while 20 percent said they utilized data warehousing. Yet, 40 percent cited regulatory requirements or expectations as most strongly influencing their organization’s interest in ERM, followed closely by risk mitigation (38 percent) and improving business performance (10 percent).
Organizational or geographical silos and politics were cited by 50 percent of respondents as the main impediment to effective ERM, followed by lack of resources (19 percent); conflicting priorities (12 percent); unclear benefits (11 percent); the cost of ERM software (4 percent); and Board or Executive resistance (4 percent).
As well, two-thirds of those polled said their organization formally aligned ERM with strategic initiatives either “extremely well,” “good” or “moderate,” compared to slightly more than one-third that rated their organization’s ability as either “poor” or “extremely poor.”
Further, the respondents were largely from industry sectors that are highly regulated and most heavily dependent on technology: financial services, 47 percent; technology and telecommunications, 19 percent; and healthcare and pharmaceuticals industries, 9 percent, Bell said.