It is the responsibility of everyone, from the chief executive down. Past corporate failings
have been attributed to lack of accountability, strategy and transparency.
have been attributed to lack of accountability, strategy and transparency.
Tougher expectations by regulators and other stakeholders now mean that corporates and
financial institutions should demonstrate better discipline, control and responsibility.
Failure to comply with existing and emerging regulation could jeopardize reputations and
livelihoods. How robust is your governance, risk and compliance program?
financial institutions should demonstrate better discipline, control and responsibility.
Failure to comply with existing and emerging regulation could jeopardize reputations and
livelihoods. How robust is your governance, risk and compliance program?
Financial risks have probably never been more acute. Capital reserves, credit portfolios,
investment policies and capital and debt profiles all demand constant scrutiny to adequately
manage and mitigate risk.
investment policies and capital and debt profiles all demand constant scrutiny to adequately
manage and mitigate risk.
Companies should also be vigilant about risks presented by suppliers. A counterparty who
defaults on a contract, or whose business collapses, can have serious financial and
reputational ramifications for connected parties.
defaults on a contract, or whose business collapses, can have serious financial and
reputational ramifications for connected parties.
Fraud risks can also increase when cash is tight. Some employees become more
opportunistic — and external hackers more resourceful. They find security lax in areas
of the business that used to be better resourced … and they strike. Are your systems and
policies sufficiently robust to ward off the risk of fraud?
opportunistic — and external hackers more resourceful. They find security lax in areas
of the business that used to be better resourced … and they strike. Are your systems and
policies sufficiently robust to ward off the risk of fraud?
At the same time, many companies are more likely to pursue litigation for losses that they
would otherwise endure in more prosperous times. Disputes arise as they seek to apportion
blame to other parties for inappropriate or negligent behavior that results in financial or
business loss. Could you end up as instigator or defendant in a litigation case?
would otherwise endure in more prosperous times. Disputes arise as they seek to apportion
blame to other parties for inappropriate or negligent behavior that results in financial or
business loss. Could you end up as instigator or defendant in a litigation case?
With all these demands, internal audit is in many companies often elevated from pure
compliance to a function that regularly reviews the risk profile for emerging risks and
identifies trends as it keep its finger on the pulse of business performance. The chief risk
officer, meanwhile, becomes increasingly involved in strategic decision-making where the
emphasis is as much on risk as it is on growth.
compliance to a function that regularly reviews the risk profile for emerging risks and
identifies trends as it keep its finger on the pulse of business performance. The chief risk
officer, meanwhile, becomes increasingly involved in strategic decision-making where the
emphasis is as much on risk as it is on growth.
KPMG Nigeria professionals provide the experience to help companies stay on track and
deal with risks that could unhinge their business survival.
deal with risks that could unhinge their business survival.
Tel: +234 1 271 8955 (or 8599)
Fax: P.M.B. 40014, Falomo
Website - https://home.kpmg/ng/en/home.html
