Ytterligere verdi fra. Internrevisjon. Perspektiver KPMG
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1 Ytterligere verdi fra Internrevisjon Perspektiver KPMG 1
2 Value Creation Setting the Scene: This Is the Title of the Slide (Arial 18pt Bold) The Universe We Face Today External Factors Driving Change Internal Factors Driving Change Regulatory pressures Emergence of new business risks Increased focus on risk and controls from shareholders or investors Demands for greater accountability from stakeholders Greater levels of macroeconomic and political uncertainty Financial market volatility Increased use of off-shoring Increased focus on risk and controls by senior management and the board Focus on cost reduction and efficiency Market expansion (e.g., new product development) Geographic expansion Emergence of new operations risks Stronger culture of risk instilled within the organization The Evolving Role of Internal Audit: Moving from Value Preservation to Value Creation Originally developed as a means of assisting organizations with safeguarding corporate assets and enforcing corporate policies to preserve business value, Internal Audit is expanding its focus to activities that help the organization create business value. Value Preservation 2
3 Where Does Your Internal Audit This Is the Title of the Slide (Arial 18pt Bold) Department Stand? Gauge your Internal Audit department based on the characteristics of future Internal Audit organizations. Under-performing Excelling Costly silos, no risk trending Integrated Assurance Single view of risk, risk trending Compliance (Preservation) Value Creation Strategic (Creation) Underperforming staff Talent Management Operational experience Slow, inefficient Sporadic early warnings Reactive Organization Continuous Auditing and Technology Enhanced Risk Identification and Management Aligned to business, rapid response Analyze for early warnings, integrated into business units Proactive Questions to Ask about Your Internal Audit Department Is Internal Audit Helping to manage risk? Supporting the C-level agenda and linked to the business strategy? A valued advisor to the organization? Is Internal Audit expanding its focus to areas like business planning, fraud risk and contract compliance reviews? Employing the right people with the right skill sets: Approaching risk as siloed or truly integrated? Anticipatory i t or reactive? Efficient or a cost center? Able to identify improvements to the risk and control environment and key business processes or functions? 3
4 KPMG s Strategic Sourcing Approach Our Multidisciplinary Approach to Internal Audit KPMG s Internal Audit, Risk and Compliance professionals can augment and enhance an organization s existing internal audit capabilities. Our teams are multidisciplinary, drawing from other service lines as needed to feature professionals experienced in financial and operational internal auditing, IT, data analytics, fraud analytics and risk assessment, finance management, treasury and financial instruments, tax, and supply chain, among others. This multidisciplinary teaming approach can offer CLIENT enhanced value through: Strengthened controls, risk prioritization and risk management Economic value through cost reductions, efficiencies realized, or revenue enhancements Achieving effective Internal Audit capabilities requires a significant level of investment in skilled resources, methods, training and technical infrastructure. So, how can we help pyour organization accomplish its objectives in a dynamic business environment? Internal Audit Strategic Sourcing Designed to assist organizations that are seeking to improve internal audit quality and oversight, increase value while optimizing costs, enhance risk and controls management, and focus on core competencies. We provide the ability to tap into specific skills sets, industry knowledge, better practices and global resources on an as needed basis. IT Internal Audit professionals can help clients align their IT Internal Audit capabilities with the strategic and tactical objectives of their organizations giving them the means to meet their current and future needs as they relate to governance, risk, and control over IT resources. Continuous Auditing/Continuous Monitoring Provides Internal Audit (CA) or management (CM) with an automated mechanism to monitor risk and performance related to IT systems, transactions and controls on a frequent or continuous basis throughout a period. As you leverage technology to change how you evaluate the effectiveness of controls, and how you monitor performance, CA/CM can provide deeper insight into areas of risk and opportunity, while helping to strengthen governance structures. CA/CM supports the evolution of Internal Audit by changing the type, speed and visibility of information on risk and performance that can affect how business decisions are made and monitored. Strategic Performance Reviews/ QARs Assists in the alignment of an Internal Audit function s strategic objectives with company objectives, taking into account overall risk management, compliance monitoring and business performance, to help internal audit perform and operate more effectively. KPMG s Contract Compliance Services (CCS) professionals help clients across a wide range of industries in identifying and recovering lost revenues and reducing costs in areas such as royalties, licensing, distribution agreements, conditional pricing arrangements, intellectual property protection, and more. Our Enterprise Risk Management (ERM) Services professionals can help organizations implement sustainable ERM systems, as they pursue more profitable and competitive operations. Drawing on their experience with boards of directors and management teams, our professionals help provide predictive capabilities so that clients can react to risks and respond in a manner that enhances business value and performance. Our industry-specific ERM capabilities apply to all financial and nonfinancial sectors, and include: enterprise risk assessments; fraud risk assessments; an evaluation of the current state of risk management practices; the development of a practical road map to achieve the desired risk management end-state; knowledge transfer; and training. Our framework components include five main areas: Risk Assessment, Risk Quantification and Aggregation, Risk and Control Optimization, Risk Governance, Risk Monitoring and Reporting. 4
5 Fraud: KPMG Forensic SM professionals can assist clients in their efforts to achieve the highest levels of business integrity through the prevention, detection, and investigation of fraud and misconduct. Climate Change and Sustainability professionals work to better understand, control, measure and improve our clients business performance in the area of corporate responsibility. The incorporation of environmental, social, ethical, and economic issues in business strategy is essential for achieving sustained business performance and maintaining stakeholder confidence. KPMG s Global Delivery Center, located in Bangalore, India, uses offshored resources executing standardized procedures to support KPMG s U.S. engagement teams. The benefits of utilizing the GDC include increased efficiency and cost reductions. Governance, Regulatory and Compliance Services leverage industry knowledge and regulatory capabilities to assist regulators, boards, and management in evaluating an entity s compliance with applicable rules and regulations. We can help assess existing, and help develop new, compliance programs, processes, and controls to facilitate sound corporate governance (representative compliance areas may include ERISA, Environmental, Health & Safety; HIPAA; PII). Services include: Corporate Governance, Regulatory Compliance, Internal Controls Over Financial Reporting Assistance Services, Sarbanes-Oxley Documentation and Gap Analysis, Sarbanes-Oxley Testing and Efficiency/ Effectiveness Improvement, Regulatory and Management Investigations, Emerging Markets/ New Businesses/New Products, Governance, Risk and Compliance. A Multidisciplinary Team can Complement CLIENT s Internal Audit Professionals Compliance Supply Chain Commodities and Hedging FCPA Income Tax and VAT Technology and Infrastructure Forensic Mergers and Acquisitions Forecasting and Budget Accounts Receivable Valuation Services and Asset Impairment Contract Management CLIENT and KPMG Sourcing SAP/Oracle Information Security Treasury International Tax Working Capital Management Application Portfolio System Implementation Data Analytics Governance Strategic sourcing clients of KPMG leverage multidisciplinary teams whose skills sets and knowledge they may not be able to retain or afford in-house, yet which they need to address their particular risk and control requirements. KPMG's broad and accessible bench strength of subject matter professionals represented in part by the topics in the wheel below offer clients relevant, indepth risk management capabilities on a cost-effective scale and only when they are most needed. IT Advisory: KPMG s Sourcing methodology assists our clients with business and service outsourcing or the implementation and operation of shared services. Our methodology draws heavily upon real world examples to illustrate what needs to be done and provides general guidance on how to complete the necessary steps in relation to outsourcing and shared service opportunities. ERP Advisory professionals assist clients with managing and/or monitoring their major application systems including, but not restricted to, major ERP packages. Our services and experience covers a broad range of needs and challenges, including strategy, selection, development, configuration, implementation, control, operation, stabilization, and sustainability. Identity and Access Management professionals help clients improve their user management, authentication management, authorization management, access management, and provisioning capabilities. Security professionals help clients effectively manage and control corporate information assets and improve the organization s security effectiveness, so that security functions as an enabler of its business goals. Financial Risk Management professionals help companies develop and improve processes for managing their financial risks and implementing associated controls. We work with companies to identify exposures across the organization, and apply a comprehensive risk management discipline to their business challenges. Key service offerings focus on regulatory, market, treasury, operational and credit risk.. 5
6 Tax KPMG s Tax professionals deliver a range of services to support organizations tax compliance, the achievement of tax efficiencies, and their capture of benefits regarding strategic transactions (such as mergers and acquisitions): International Corporate Services, M&A Tax, International Executive Tax, Income Tax and Accounting. Business Performance Services help clients improve performance, optimize costs, grow and integrate their businesses, and reduce risk. By bridging finance, operations, and people, our Business Performance Services professionals can help clients achieve their goals and create sustainable value. Areas in which we support clients include their: finance strategies and operations, cash and profitability improvement, supply chain and operations, change management, cost optimization, shared services and finance functions. Transaction Services professionals provide buy and sell-side merger, acquisition, and divestiture support. Throughout a transaction s life cycle, our focus is on early identification of the key risks and rewards that matter most to stakeholder value. This means going beyond traditional due diligence to address factors such as deal financing, compensation arrangements, and deal structure. Technology Supporting Internal Audit KPMG has forged several strategic alliances with various vendors as well as acquired licenses to key tools all with an eye toward advancing the services, consistency of reporting and speed that our clients can leverage. Paisley GRC is a software tool that provides assistance with governance, risk and compliance (GRC), including financial controls management, internal audit, operational risk management, compliance, IT governance and enterprise risk management. ERP Tools KPMG s ERP Advisory professionals have access to third-party ERP tools including Approva BizRights, SAP GRC, and Oracle GRC. These tools provide our professionals the capabilities to help perform real-time auditing and monitoring of key internal controls. CA/CM Implementation of CA/CM technology can lead organizations' risk management efforts to levels of greater efficiency, enhanced controls, earlier access to more accurate information, and reduced complexity. K-Trace is an internally developed tool that combines advanced data analytics with KPMG's in-depth knowledge and practical experience. K-Trace facilitates our ability to analyze disparate sets of data that organizations collect in the normal course of business and data-mine and extract additional information by making comparisons, summaries, and aggregations of data to detect anomalies that are traditionally indicative of fraud or other misconduct. K-Trace can be compatible with and can be used to enhance the use of ACL, IDEA, and other data-mining software. Controls Portfolio Analysis Model (CPAM) includes methodology and supporting tools to help enable effective and efficient analysis of an organization s control portfolio. The Cornerstones of Effective Internal Audit Help Drive Organizational Value Industry Focus and Experience: KPMG was the first firm to organize with a line-of-business focus. We deliver services through these sectors: Consumer Markets, Industrial Markets, Healthcare/ Pharmaceuticals, Government, Information, Communications and Entertainment, and Aerospace and Defense, with separate emphases on a burgeoning Japanese Practice and Private Equity. Leading Methodology and Tools: Globally trained Internal Audit teams use a globally consistent, risk-based internal audit methodology supported by a wide range of tools, including Paisley GRC SM (the leading integrated governance and risk compliance software package in the marketplace) ; e- Advisory, an engagement management and delivery tool that enables the use of electronic workpapers and sharing of documents, templates and risk management resources; K-Trace, our advanced data analysis tool; CAATs; IT Audit tools, a range of third-party security testing tools; Qubus; and KPMG s own knowledge portals. Industry Focus & Experience Leading Methodology & Tools Multidisciplinary Teams: Our U.S. and international internal and IT audit professionals are complemented by nnnn U.S. and nn,000 worldwide subject matter professionals. Multiple functional areas of subject matter professionals include: Forensic, Treasury, Transaction Services, Shared Services, Business Effectiveness, Risk Management, IT, ERP, and others. Certifications include but are not limited to: CPA, CA, CIA, CISA, CISSP, CFE, Six Sigma and a host of other specific professional designations. Cornerstones of KPMG s Effective Internal Audit Multidisciplinary Teams Integrated Global and Domestic Resources Integrated Global and Domestic Resources: More than nnnn U.S. and nnnn global internal and IT audit professionals. Many of our U.S. internal audit professionals have non-big Four corporate audit experience, and most of our internal audit professionals focus on specific industry sectors during their careers. KPMG delivers internal audit, regulatory and compliance services to more than 500 entities in North America and to hundreds more in our other member firms globally. 6
7 Current Issues and Emerging Risks for Internal Audit Internal Audit s existing organization-wise perspective and mandate and its access to all areas of the business, personnel, and resources uniquely position it to expand its role. Driving Issues and Emerging Risk Areas Appropriate Responses that Support Leading Practices in Internal Audit Fixed Cost Staffing Model: Rigid, fixed-cost resources are inflexible and unable to expand and contract based on dynamic risk assessment throughout the year. Cost recovery/cost avoidance Costly silos, need for integrated assurance and single view of risk Low productivity; need for quality resources; need for improved efficiencies, quality and service Talent development and value delivery Effective, unbiased communication Geographic expansion Current methodologies Focus on core competencies Objectivity Self-reporting third-party relationships Disaggregated, manual approach Effective early warnings needed Compliance with standards and regulations Fraud Variable cost staffing model and access to broad skill-sets via Internal Audit strategic sourcing; subject matter professionals; enhanced methodologies; Internal Audit outsourcing and co-sourcing; IT sourcing; global footprint; and offshore sourcing options; cost reduction; cost optimization; flexibility. Contract Compliance Services; IT and Internal Audit sourcing; low-cost, high-value offshore service options; governance and IT risk management. Robust Enterprise Risk Management (ERM) methodology; single view of risk with enterprise risk assessment; Governance, Risk and Compliance (GRC); controls rationalization; process improvement. Tap into top quality, just-in-time resources via Internal Audit and IT sourcing; secure sourcing support operations and development and monitoring of service level agreements; risk and control rationalization; process improvement; business process redesign; cost optimization; Continuous Auditing/Continuous Monitoring; access to leading practices. Multidisciplinary approach using subject matter professionals; high-impact audits; risk assessment leveraging subject-specific resources; access to consistently trained professionals worldwide; overhead costs diminished. Shorter audit cycles; risk-based audit plans; CA/CM; exception-based reviews to create time and cost savings for delivery of value-creation activities. Recruitment, retention and training overheads are the provider s Industry experience and knowledge of similar-size companies, pertinent regulations, and compliance practices; evolution of an Internal Audit project from being finished to being valuable. An external provider offers enhanced and more effective communications about organizational risks and governance with senior executives including the CEO, CFO, and the Audit Committee Internal Audit is then better able to communicate its results (including negative results) in an objective and unbiased manner, avoid playing "favorites" or creating rivalries. Global footprint and local resources worldwide; structured and consistent methodologies; Internal Audit and IT sourcing; leading practices worldwide; established provider infrastructure in place and prepared to be leveraged; reduced travel costs; understanding of the local culture and language. Access to leading risk-based methodologies, protocols, workpaper and audit program examples and consistent worldwide deployment. Internal Audit sourcing frees up capital and resources for core activities and critical strategic business priorities. Improved independence and objectivity in Internal Audit oversight with use of outsourced or co-sourced Internal Audit provider. Second perspective on key issues or assessments that come with a sourcing arrangement. Contract compliance services/ third-party contract fulfillment, control and reporting reviews; technologydriven approach to ascertain compliance with third-party contracts; audit and information controls testing. Leading toolset with integrated risk governance models, well-developed and proven methodologies. CA/CM; risk integration; forensic analysis. IFRS services; controls rationalization; Sarbanes-Oxley Assistance Services; ICOFR; documentation and testing assistance; industry-specific compliance requirements. Fraud risk management; data analytics; contract compliance services; GRC; FCPA compliance; fraud review. Information technology risks IT application controls; security; data privacy; disaster recovery; business resilience; IT operational controls; Project initiation, execution, and control services. 7
8 KPMG s Value Proposition for CLIENT Contact Potential to lower your Internal Audit costs and drive efficiencies Support integrated assurance efforts and the establishment of effective lines of defense against risk Multidisciplinary approach subject matter professionals in relevant areas An established, accessible and responsive infrastructure of people, technology and knowledge Access to leading practices Access to consistently qualified global resources Ability to address Human Resources challenges specific to Internal Audit Access to leading Internal Audit methodologies Enhanced objectivity Strengthened communication Continuous focus on core competencies Ole Willy Fundingsrud d Head of Internal audit, risk an compliance services Oslo and Bergen Tlf: ole.willy.fundingsud@kpmg.n Jan Erik Gran Olsen Head of Risk Consulting Oslo Tlf: jan.erik.gran.olsen.@kpmg.no We look forward to further discussions about how KPMG can help you achieve your objectives regarding Internal Audit and risk. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. KPMG LLP does not offer internal audit outsourcing services to its publicly registered financial statement audit clients KPMG LLP, a U.S. limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. All rights reserved. Printed in the U.S.A. 8
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