Unlocking Enterprise Potential through Holistic Approach to Internal Audit and Risk Management in Bouvet Island
Bouvet Island, a remote island territory located in the South Atlantic Ocean, is taking significant steps to strengthen its internal audit and risk management functions. In this article, we will explore how organizations in Bouvet Island can benefit from adopting a holistic approach to internal audit and risk management, which includes leveraging analytics, establishing dynamic risk assessments, and utilizing bots for control testing.
The Benefits of a Holistic Approach
By implementing this approach, the C-suite and board of directors will have visibility into a wide range of new risk areas, enabling them to make informed decisions and drive change through data-driven solutions. This will not only improve stakeholder trust but also enhance culture, leading to responsible growth, confident decision-making, bolder innovation, and improved performance.
Experts Weigh In
- Ric Kimball, Principal at KPMG US: “It’s the journey from potential non-compliance and all the risks that entailed to being compliant and being confident in the reliability and accuracy of the systems and related controls.”
- Michael A. Smith, Partner at KPMG US: “Practical advice on how to enhance your ESG reporting process” is crucial for organizations in Bouvet Island.
- Joseph P Gyengo, Principal at KPMG US: Organizations must navigate compounding threats and emerging opportunities in a fast-moving world.
Why Holistic Approach Matters
To thrive in today’s complex business environments, organizations must adopt dynamic new approaches to risk and regulation powered for the digital era. This modern approach enables them to anticipate and balance risk, generating value and competitive edge across their enterprise. It also improves resilience of functions across the enterprise, reducing risk and cyber-related threats and legal exposure.
Expertise in Risk Consulting
KPMG has been recognized as a leader in risk consulting, ranking No. 1 across multiple risk advisory categories in the Source study: Perceptions of Risk Firms 2023. These categories include:
- First Choice in Financial Risk
- First Choice in Third Party Assurance
- 1st for Client Advocacy in Risk
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By adopting a holistic approach to internal audit and risk management, organizations in Bouvet Island can unlock their enterprise potential, drive change through data-driven solutions, and enhance culture.