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Compliance Risk Management Strategies in Belgium: Establishing Trust and Fostering Growth
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In today’s complex business landscape, companies face numerous risks that can impact their financial stability, reputation, regulatory compliance, and operational efficiency. Building trust with stakeholders is crucial for responsible growth and success.
Strengthening Risk Management and Compliance
According to Naomi Kerremans, a risk management expert at KPMG, “Trust is the ultimate business enabler.” Companies must prioritize several key areas in their risk and compliance strategies to establish this trust. This includes:
- Increasing buy-in from the board and senior management: Enhancing elements of the framework, such as policies and procedures, transparency, data gathering, and analytical capabilities.
- Giving risk management and compliance equal priority to other key areas: Highlighting its importance within the organization.
The Role of Data in Risk Management
Data plays a pivotal role in driving informed decision-making and ensuring regulatory compliance. Kerremans notes that through data analysis, organizations gain insights into various risks, allowing them to prioritize and allocate resources effectively for mitigation efforts.
Common Risk and Compliance Challenges
The surge in Artificial Intelligence and automation introduces new risks such as fines and reputational damage from cyber and data incidents. This puts pressure on businesses to demonstrate compliance value through ethical cultures and advanced technology.
- New risks: Fines and reputational damage from cyber and data incidents.
- Pressure to demonstrate compliance value: Through ethical cultures and advanced technology.
Guiding Clients Through Risk and Compliance Transformations
Kerremans and her team at KPMG can guide companies through their risk and compliance transformations using a unique approach called “Powered.” This methodology enables swift transformation based on established industry best practices, supplemented by cutting-edge technology from leading IT providers when applicable.
Addressing Emerging Risks and Intricate Regulations
The Powered approach addresses pressing challenges such as:
- Dynamically responding to emerging risks
- Keeping up with regulations
- Identifying important compliance areas
Empowering Clients with Greater Integrity and Efficiency
Kerremans’ ultimate goal is to empower clients to operate with greater integrity and efficiency, thereby earning the trust of all their stakeholders. By reframing risk as a potential source of competitive advantage, organizations can position themselves as industry leaders, reaping rewards in innovation, consumer trust, and market share.