Compliance and Ethics in Finance: A Key to Maintaining Public Trust in Ireland’s Business World
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In today’s increasingly transparent and accessible world, companies in Ireland are under pressure to do more than just meet regulatory requirements. To maintain public trust, businesses must commit to compliance and ethics, going beyond mere adherence to rules.
The Importance of Proactive Compliance
Regulators expect companies to proactively update their compliance frameworks, even if no issues arise. This means identifying and preventing emerging risks through robust processes and controls. At KPMG, our Forensic team can help businesses achieve this by:
- Assessing and mitigating fraud, bribery, and corruption risk
- Evaluating the effectiveness of compliance controls
- Ensuring contract compliance
Expert Guidance for Unique Business Profiles
Our experts in Ireland can assist companies in understanding and reducing risk based on their unique profile. Our services include:
- Risk assessments: Identifying inherent risks in global operations
- Compliance control evaluations: Reviewing existing assessments and recommending mitigating controls
- Third-party forensic audits: Detecting fraud, corruption, and other financial risks
The Importance of Regular Risk Assessments
Risk assessments are crucial for identifying inherent risks in global operations. Our team can help businesses:
- Undertake risk assessments
- Review existing assessments
- Recommend mitigating controls to ensure they are prepared for any eventuality
Evaluating the Effectiveness of Compliance Controls
Policies and procedures are important, but it is increasingly essential that clients test their compliance-related policies and controls in practice to ensure they are achieving desired aims. Our team undertakes:
- Compliance reviews: Assessing how policies and procedures are working in practice
- Recommendations for improvement
Third-Party Forensic Audits
Third-party forensic audits can detect fraud, corruption, and other financial risks, while also improving the value obtained from existing contracts. By exercising the right to audit and access third-party records, businesses can uncover potential issues before they become major problems.
Get in Touch with Our Expert Team
If you have any queries about assessing compliance in your business, please contact KPMG’s Forensic team. We would be delighted to hear from you and help you navigate the complex world of compliance and ethics in finance.