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Canada’s Financial Sector Must Stay Ahead of the Curve: KPMG Highlights Importance of Compliance and Risk Management

As Canada’s financial landscape continues to evolve at a rapid pace, organizations must prioritize compliance and risk management to stay ahead of the curve. According to KPMG’s Governance, Risk, and Compliance Services (GRCS) team, effective governance and enterprise risk management are crucial for long-term growth and prosperity.

The Importance of Effective Governance and Enterprise Risk Management

Effective governance and enterprise risk management are essential for organizations to stay ahead of the curve in today’s rapidly changing financial landscape. KPMG’s GRCS team has extensive experience across various industries and draws from KPMG’s advisory practice to help clients optimize their governance and enterprise risk management.

Services Offered by KPMG’s GRCS Team

KPMG’s GRCS team offers a range of services, including:

  • Risk Management: Designing and implementing risk management practices that keep enterprise, digital, financial, and non-financial threats in check.
  • Compliance: Ensuring regulatory compliance and providing information sessions and training on leading corporate governance practices and considerations.
  • Internal Audit: Providing internal audit services to help clients ensure the effectiveness of their internal controls and risk management processes.
  • Governance: Working with boards and enterprise leaders to provide guidance on leading corporate governance practices and considerations.
  • ESG (Environmental, Social, and Governance): Helping clients develop sustainable business practices and ensuring that environmental, social, and governance factors are integrated into their decision-making processes.
  • Data Analytics: Providing data analytics services to help clients make informed decisions and identify areas for improvement.

Overcoming Common Challenges

KPMG’s GRCS team has extensive experience in helping organizations overcome common challenges, including:

  • Outdated IT systems
  • Over-complicated processes
  • Excessive manual work
  • Internal resistance to change
  • Lack of inter-departmental alignment on governance and enterprise risk management

The Benefits of Effective Risk Management

By recognizing and adhering to risk management standards, organizations can ensure ongoing compliance, build stronger risk management cultures, and gain greater comfort in their day-to-day operations.

Conclusion

As Canada’s financial sector continues to evolve, KPMG’s GRCS team is committed to providing clients with proven risk management strategies. With years of cross-industry experience, the team is equipped to provide a truly holistic viewpoint and deliver added value to clients.