1 Placing a Value on Enterprise Risk Management ADVISORY
3 Placing a Value on Enterprise Risk Management 1 In turbulent economic times, the case for investing in an enterprise risk management (ERM) program seems clear. Deficiencies in risk management appear to be a leading contributor to the credit crisis, and many stakeholders from shareholders, to board of directors, to rating agencies are taking a closer look at a company s approach to risk management. But while the value of an ERM program may be hard to dispute from a good management perspective gaining improved controls, better communication, and a common risk language risk managers and other senior leaders are frequently asked to demonstrate that their efforts add quantifiable value to their companies. As business activities and capital investments come under increasing scrutiny to optimize competitiveness and enhance returns, the call to justify ERM s measurable value keeps getting louder. There are in fact answers to the common questions risk managers frequently face, such as: We already have compliance programs and conduct risk assessments, so why should we spend more on an ERM program? Would our company really make different decisions if it did have an ERM program? Good ERM programs enhance company value through reduced costs, decreased variability in financial results, enhanced market reputation, and improved business decision-making (i.e., no surprises). Going a step further, KPMG believes it s possible to quantifiably measure the value that ERM delivers. While there is no one, magic equation, some common approaches for valuing ERM programs or program components include: Assessing capital costs; Assessing total compliance program costs; Assessing hedging or insurance costs; Identifying the flip-side of risk (or the investment opportunities for each risk); Identifying avoided losses from industry or company risk events; Assessing earnings variability before and after risk mitigation. Whether a company is just beginning on a path to ERM, or taking steps to improve and enhance their risk management processes, this paper outlines approaches that can provide a possible focus to both justify the ERM program and improve program performance.
4 2 Placing a Value on Enterprise Risk Management Good ERM programs enhance company value through reduced costs, decreased variability in financial results, enhanced market reputation, and improved business decision-making. An Approach to Valuing ERM ERM program value is comprised of multiple factors affecting risks and returns. The graphic below shows the general relationship between ERM framework activities and risk and return elements that contribute to overall company value. By examining each of the elements in the ERM program value model below, executives can start to quantify the value of their ERM efforts. ERM Framework Improved Cash Flows Reduced Discount Rate Enhanced Value Risk Governance Reduced ERM program costs Improved Reputation Enterprise Risks Risk Assessment Risk Quantification and Aggregation Risk Monitoring and Reporting Reduced hedging and insurance costs Improved investments or avoided losses Reduced Volatility Risk and Control Optimization Reduced capital costs Improved Cashflows ERM program activities can directly or indirectly affect company cashflows. Risk activities that can improve cashflows include risk compliance and oversight alignment, hedging and insurance coordination, strategy risks and return discussions, and capital market planning. Reduced Discount Rate The rate at which cashflows are discounted by investors is directly affected by reduced earnings volatility and an improved reputation within the investment community. Enhanced Value A company s value is a function of expected cash flows discounted at a rate consistent with its overall risk profile. Please also refer to the table on page 7 for more information on KPMG s Enterprise Risk Management Approach.
5 Placing a Value on Enterprise Risk Management 3 Capital Costs Since investors don t have a perfect view of future company returns and the appropriate rate at which to discount these returns, many investors rely on independent services such as equity analysts and bond ratings provided by the rating agencies. These services have begun to judge not only projected risks and returns, but management s capabilities to identify and manage enterprise risks. Although the rating agencies initially focused on ERM programs at banks and insurance companies, similar assessments are now being performed for other large corporations across many industries. As rating agencies conduct their ERM analysis and develop industry benchmarks, companies that appear to be significantly deficient in their ERM practices may have their overall rating assessments lowered, which can lead to higher costs to access capital. For instance, a change in a company s bond rating from A to an A- may result in an increase in new issue interest rates from 0.2% to 0.4%. This amount may seem small, but when applied against a $100 million bond issue, it can result in $200,000 to $400,000 in additional interest expense per year. The relative impact from rating agency ERM assessments is dependent on the company s activities and current financial state. For example, an assessment can have a meaningful impact on the credit rating for an enterprise with less financial flexibility (i.e., poor liquidity ratios, restrictive debt covenants, etc.) and/or naturally subject to significant market, operational and/or credit risk. And with many companies currently facing less access to capital, any impact on a company s ability to borrow or raise cash can be critical. In addition to changes to long-term ratings, changes to short-term ratings can also change interest costs, add earnings volatility and lead to difficulties in meeting short-term liquidity needs. A simple method to estimate the cost effects from a lowered bond rating is to multiply the estimated future borrowing amounts by the change in interest rates resulting from a change in rating. For instance, a change in a company s bond rating from an A to an A- may result in an increase in new issue interest rates from 0.2% to 0.4%. This amount may seem small, but when applied against a $100 million bond issue, it can result in $200,000 to $400,000 in additional interest expense per year.
6 4 Placing a Value on Enterprise Risk Management ERM programs can play a vital role in identifying opportunities providing the processes, reporting and discussion venues creating greater transparency within companies. Governance/Compliance Costs It is unfortunate that many companies view ERM programs as another compliance layer similar to existing internal audit, legal, environmental and finance compliance activities. A well-run ERM program can actually reduce compliance costs by aligning and streamlining existing risk assessment, risk monitoring, risk assurance and reporting efforts to reduce redundancies and make information more useful. The first step in determining potential ERM program benefits is to inventory the various existing activities and costs. It is important to measure direct and indirect costs including labor, overhead and system costs using standard templates and methodologies. Since many risk compliance and oversight activities grow organically over time without consideration for organizational efficiencies and technology solutions, it is not uncommon to uncover redundancies and process improvement opportunities when undertaking this inventory. And because data is frequently not shared consistently across an organization, this process can uncover ways to make risk management data more usable. In addition to hard cost savings, benefits from assessing compliance program costs can include improved integration between ERM, strategic planning, insurance, compliance and internal audit activities. This exercise can also help improve executives understanding of risk assessment processes, underlying risks and risk inter-relationships, and planning assumptions. Hedging or Insurance Costs Insurance and hedging costs can be the most tangible cost elements in managing enterprise risks. ERM programs can help reduce hedging and insurance costs by more clearly identifying underlying risk exposures, existing hedging and insurance offsets, and potential redundancies and inefficiencies. The first step in identifying potential insurance and hedging savings is to understand and document the specific underlying risks that are the target for these risk mitigation activities. This typically requires input from a company s treasury, procurement or trading, insurance, risk management and marketing groups to: Identify key risks addressed by insurance or hedging activities; Estimate risk magnitude and frequency; Identify inter-relationships with other risks; Identify major assumptions used for the planning and execution of insurance coverage and hedging transactions. It is common to uncover insurance policies and hedging activities that are not good matches with underlying risk exposures. Integrating insurance and hedging activities with ERM assessment and reporting activities creates transparency, which can lead to greater management attention and real savings in hedging and insurance costs.
7 Placing a Value on Enterprise Risk Management 5 Investment Opportunities It is fair to say that enterprise risk management programs often focus too much on avoiding risk and not enough on managing the upside opportunities that come from uncertainty. Ideally, executive management should not seek to eliminate all risks, but to assess top risks facing the organization to enable risk-reward decision making. To change this, the first step is for an organization to determine its risk appetite, or how much risk it is willing to take in order to achieve its returns. When clearly defined and properly understood, risk appetite becomes a strong tool for enhancing business performance. It helps link business decisions to business strategy, and reduces the likelihood for surprises. ERM programs can play a vital role in identifying opportunities by creating processes, reporting and discussion venues to create greater transparency within companies. ERM programs can then track specific business opportunities that have been uncovered by risk assessment processes. Focusing on opportunities can also lead to greater ERM program buy-in from risk owners by having ERM personnel operate as risk advisors, rather than risk compliance police. Standard processes can provide risk owners with an opportunity to think through risks, see market opportunities as the flip-side of risk, and paint a more balanced picture for potential business strategies. This change in thinking, from a risk mitigation mindset into a risk opportunity mindset, may not come easy for some organizations. For example, the current focus on corporate sustainability and alternative energy can be seen as a huge risk to the earnings of major players in the energy, transportation and manufacturing industries. However, some companies see the coming changes as an opportunity to expand service offerings to customers and improve their reputation by being leaders in the
8 6 Placing a Value on Enterprise Risk Management ERM programs can enhance company value through decreased costs, less variability in results, improved market reputation, and risk-based decision-making. development of new sustainability standards. In this way, ERM enables organizations to make smarter, proactive, rather than reactive, decisions, which can improve a company s competitiveness. Avoiding Losses An overarching goal for many ERM programs is to create processes to reduce financial losses or reputation damage. Unfortunately, many companies do a poor job of tracking financial losses from risk events, let alone financial losses that were avoided through application of risk mitigation strategies. This makes judging ERM program performance difficult. Making this more complicated is that reputation can be difficult to value. Not only can reputation be perceived differently by various constituents, but a company s reputation is formed from many sources, including market branding, customer outreach, and proactive risk management. There are countless examples of companies that have damaged their reputation through strategy failures or ethical lapses, impacting the demand for their products or services, as well as for their stock prices. This in turn can affect gross margin, capital costs and the discount rate applied to company valuation. For most companies, a logical first step for identifying losses and avoided losses is to track company and industry peers financial losses from risk events. Standard templates can be developed to track the risk events and these can be discussed at periodic ERM meetings or in ERM reports. Periodic ERM reports for management can describe risk events and any identified root causes, potential mitigating activities, effect on reputation, hard costs or company share price. Information sources to create these reports can include company risk owners, the company insurance function for operational events, investor relations for financial events, internal audit for control failures, and news articles or industry publications for industry risk events. There are three major benefits to tracking losses and avoided losses. First, it supports the ERM program value proposition. Second, greater transparency resulting from this effort can lead to improved processes that can further reduce event-related losses. Third, tracking losses and avoided losses can lead to better risk estimates for individual and aggregate risks. Earnings Variability To demonstrate ERM program value, earnings variability can be measured before and after ERM risk mitigation activities. Estimating earnings variability is a complex task and requires skills for data management and modeling, as well as the ability to integrate planned risk mitigation activities and planning assumptions to understand earnings drivers, risks and resulting business metrics.
9 Placing a Value on Enterprise Risk Management 7 KPMG s Enterprise Risk Management Approach ERM can be defined as an organizational commitment to proactively govern, assess, measure, monitor, mitigate, and optimize enterprise risks. ERM is a process designed to identify potential events that may affect the organization in achieving its objectives, and managing risks within risk tolerances. There are two major steps to implementing an ERM program. The first step is to build and maintain a dynamic risk management framework that can adapt to emerging risks. The second step is to create content within the framework to effectively manage the organization s strategic business risks. KPMG s ERM framework has five elements: Governance Establishment of approach for developing, supporting and embedding the risk strategy and accountabilities Assessment Identifying, assessing, and categorizing risks across the enterprise Quantification and Aggregation Measurement, analysis, and consolidation of enterprise risks Monitoring and Reporting Reporting, monitoring, and assurance activities to provide insights into risk management strengths and weaknesses Risk Control and Optimization Using risk and control information to improve performance Organizations vary in their maturity in establishing the ERM framework elements. Most often, organizations begin by establishing governance and assessment processes and tools to meet compliance requirements. Afterwards, organizations develop periodic quantification and reporting next to integrate ERM as a management process. Lastly, ERM is used as a strategic decision-making tool to refine management strategies and risk controls. Various risk measurement techniques can be used to develop individual and aggregate risk estimates. These include: Reviewing past results (specific events or range of low to high results); Conducting stress testing (percentage change in assumption = x% change in key financial metric); Reviewing company plans using structured scenarios with a combination of assumption changes in a simulation or series of deterministic forecasts.
10 8 Placing a Value on Enterprise Risk Management Measuring before and after risks and returns can provide decision-makers with new and expanded information to optimize business results. The biggest challenge to achieve greater risk quantification is that it requires data. Major data management considerations include: Prioritizing data collection; Organizing risk data; Increasing methodology sophistication over time; Asking risk owners the how big? and how often? questions; Reviewing company and industry risk events. Conclusion In many ways, today s turbulent market conditions make a stronger case for investing in ERM programs companies can t afford to get it wrong. But during these times, management is also asking every area of the business to justify its costs, which has always been a challenge for ERM programs. We believe that ERM programs can enhance company value through decreased costs, less variability in results, improved market reputation, and risk-based decisionmaking. The risk data produced by mature ERM programs can be integrated with many business processes, including strategic and business planning, M&A, financial analysis, insurance and hedging decisions, and staffing decisions. To learn more on how you can measure the value of your ERM program, or to better align ERM with your business strategies, contact KPMG today.
12 us.kpmg.com KPMG Contacts Global ERM Lead Partner Global Risk & Compliance Services Lead Partner John Farrell Mike Nolan ERM Regional Leaders Midatlantic Angela Hoon Principal Mark Twerdok Partner Midwest Kreg Weigand Partner Northeast Deon Minnaar Partner Southwest Kenneth Hooper Senior Manager Michael Wilson Partner West Jim Negus Partner Jil Polniak Partner Southeast Kenneth Welch Principal Special thanks to the contributors of this Whitepaper: John Farrell, Kenneth Hooper, Diane Nardin, Debbie Dacey LoPiccolo, Jennifer Hurson, Nicole Homme and Cynthia Boumann 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. All rights reserved. Printed in the U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative PHL
INSURANCE RISK MANAGEMENT ADVISORY SOLUTIONS Transforming risk management into a competitive advantage kpmg.com 2 Transforming risk management into a competitive advantage Assessing risk. Building value.
Project Management Institute New York City Chapter January 2014 Chapter Meeting How to Develop Successful Enterprise Risk and Vendor Management Programs Christina S. Kite Senior Vice President Corporate
INSURANCE Enterprise Risk Management: From Theory to Practice KPMG LLP Executive Summary Enterprise Risk Management (ERM) is a structured and disciplined business tool aligning strategy, processes, people,
Advisory Commodity Price Risk Management (CPRM) - Trends and Challenges for Corporates May 2014 Agenda Industry Challenges CPRM A Business Case CPRM Maturity Model CPRM Trends What Should Companies Do?
Linking Risk Management to Business Strategy, Processes, Operations and Reporting Financial Management Institute of Canada February 17 th, 2010 KPMG LLP Agenda 1. Leading Practice Risk Management Principles
Part of the Deloitte working capital series Make your working capital work for you Strategies for optimizing your cash management The Deloitte working capital series Strategies for optimizing your accounts
IBM Algo Asset Liability Management Industry-leading asset and liability management solution for the enterprise Highlights The fast-paced world of global markets presents asset and liability professionals
University of St. Gallen Law School Law and Economics Research Paper Series Working Paper No. 2008-19 June 2007 Enterprise Risk Management A View from the Insurance Industry Wolfgang Errath and Andreas
Understanding and articulating risk appetite advisory Understanding and articulating risk appetite Understanding and articulating risk appetite When risk appetite is properly understood and clearly defined,
The transformation of IT Risk Management kpmg.com The transformation of IT Risk Management The role of IT Risk Management Scope of IT risk management Examples of IT risk areas of focus How KPMG can help
IT Audit Perspective on Continuous Auditing/ Continuous Monitoring KPMG LLP IT Audit Perspective on Continuous Auditing/Continuous Monitoring INTRODUCTION New demands from the board, senior organizational
Advisory Risk management and the transition of projects to business as usual Financial Services kpmg.com 2 Risk Management and the Transition of Projects to Business as Usual Introduction Today s banks,
How to achieve excellent Enterprise Risk Management series www.pwc.com/us/ermexcellenceseries Article 3: June 2015 How ERM programs evolve Overview An organization s enterprise risk management (ERM) program
By S. Michael McLaughlin and Karen DeToro Much attention has been focused recently on enterprise risk management (ERM), not just in the insurance industry but in other industries as well. Across all industries,
Hedging at Your Insurance Company SEAC Spring 2007 Meeting Winter Liu, FSA, MAAA, CFA June 2007 2006 Towers Perrin Primary Benefits and Motives of Establishing Hedging Programs Hedging can mitigate some
Enterprise Risk Management A View Clive Kelly CRO Zurich Insurance plc/zfs Europe (GI) Topics ERM some basics Responsibilities CRO evolution Challenges and priorities Conclusion Introduction 3 Zurich s
Enterprise Risk Management & Information Technology Presented by Scott Perry and Gary Ross Slalom Consulting, San Francisco Agenda Introductions Session Objectives Overview of Enterprise Risk Management
Meet challenges head on Deal Advisory / Global We can help you master Financial Restructuring. Enhancing value through financial restructuring. / 1 Your vision. Our proven capabilities. Despite its challenges,
KPMG s Financial Management Practice kpmg.com 1 KPMG s Financial Management Practice KPMG s Financial Management (FM) practice, within Advisory Management Consulting, supports the growing agenda and increased
Risk Assessment & Enterprise Risk 1 Healthcare Corporate Governance Today s environment requires building a culture of risk awareness and management of risk across the organization, while formulating less
Managing Risk at Bank of America Corporation Overview Risk is inherent in every material business activity that we undertake. Our business exposes us to strategic, credit, market, liquidity, compliance,
Managing risk in a transforming healthcare organization How to stay competitive in a converging healthcare system kpmg.com 2 Healthcare Risk Management Managing the risk of healthcare transformation Healthcare
RISK MANAGEMENT OVERVIEW 2011 RISK CONFERENCE SPONSORED BY THE FEDERAL RESERVE BANK OF CHICAGO AND DEPAUL UNIVERSITY PRESENTED BY: LEN WIATR, CHIEF RISK OFFICER Len s Risk Management Philosophy Build a
Enterprise Risk Management in a Highly Uncertain World A Presentation to the Government-University- Industry Research Roundtable June 20, 2012 CRO Council Introduction Mission The North American CRO Council
IT advisory SERVICES Driving Business Value A closer look at ERP consolidations and upgrades KPMG LLP Meaningful business decisions that help accomplish business goals and growth objectives may call for
The Essentials of Enterprise Risk Management Steven C. Tourek, Senior Vice President, General Counsel & Secretary, The Marvin Companies Introduction How should an organization think about the management
Remarks by Carolyn G. DuChene Deputy Comptroller Operational Risk at the Bank Safety and Soundness Advisor Community Bank Enterprise Risk Management Seminar Washington, D.C. October 22, 2012 Good afternoon,
Oracle Hyperion Strategic Finance Oracle Hyperion Strategic Finance is a feature rich financial forecasting and modeling solution with on-the-fly scenario analysis and modeling capabilities. It helps users
Own Risk and Solvency Assessment Putting an ORSA into practice March 2014 Introduction MAS Notice 126 on Enterprise Risk Management (ERM) was released in April 2013. Included within this was the introduction
Accenture Risk Management Industry Report Life Sciences Risk management as a source of competitive advantage and high performance in the life sciences industry Risk management that enables long-term competitive
Excerpt from the ACGR on Enterprise Risk Management F. RISK MANAGEMENT SYSTEM 1) Disclose the following: (a) Overall risk management philosophy of the company; Objectives and Policies The Group has significant
Risk Management Trends for Insurance Companies Jeffrey Lovern Genworth Financial VP, Enterprise Risk Management Global Mortgage Insurance Global Association of Risk Professionals March, 2014 Agenda Global
Standard No. 13 INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS STANDARD ON ASSET-LIABILITY MANAGEMENT OCTOBER 2006 This document was prepared by the Solvency and Actuarial Issues Subcommittee in consultation
Applying Risk Assessment to Your Audit Plan Break-out Session T3, Tuesday, October 26 2:00-2:50pm Mike Brown Senior Vice President, Corporate Audit State Street Corporation Rich Reynolds Partner PricewaterhouseCoopers
Introduction to Economic Reserves and Capital Valuation Actuary Symposium Noel Harewood September 17, 2007 2007 Towers Perrin Background Focus on economic reserves Economic capital covered in earlier presentations
TAX MANAGEMENT CONSULTING How can you be more efficient at managing tax? NEW HEAD OF TAX/CFO TAX TRANSPARENCY Business Case Dispute Resolution Finance Transformation Authority Interaction Compliance Delivery
ICAAP Required Capital Assessment, Quantification & Allocation Anand Borawake, VP, Risk Management, TD Bank firstname.lastname@example.org Table of Contents Key Takeaways - Value Add from the ICAAP The 3 Pillars
THE ROLE OF FINANCE AND ACCOUNTING IN ENTERPRISE RISK MANAGEMENT Let me begin by thanking Baruch College for giving me the opportunity to present this year s prestigious Emanuel Saxe Lecture in Accounting.
From ICAAP/ORSA to ERM: Board and Senior Management Oversight Leon Bloom, Partner, Deloitte & Touche LLP email@example.com Agenda Basel II ICAAP Solvency II ORSA ERM From ICAAP/ORSA to ERM: Governance
Embedded Value 2014 Report Manulife Financial Corporation Page 1 of 13 Background: Consistent with our objective of providing useful information to investors about our Company, and as noted in our 2014
North American CRO Council Scenario Analysis Principles and Practices in the Insurance Industry 2013 North American CRO Council Incorporated firstname.lastname@example.org December 2013 Acknowledgement The
Closing the value gap Syncing market value and strategy There has never been a more important time to look at how to manage market value. While this might sound like a broken record, value remains a question
Tying It All Together: Practical ERM Integration Richard Scanlon Vice President Enterprise Risk Management CIGNA Corporation November 16, 2007 1 Agenda Basis for ERM Integration ERM Objectives ERM Focus
Export Development Canada Special Examination Report 2009 Office of the Auditor General of Canada Bureau du vérificateur général du Canada Ce document est également publié en français. Office of the Auditor
The changing role of Risk Management in insurance Fribourg, 2. September 2016 Hansjörg Germann Head Risk Europe Middle East & Africa Group Risk Management The changing role of Risk Mgmt in insurance Key
Applying COSO s Enterprise Risk Management Integrated Framework Matthew E. Breecher Breecher & Company PC November 12, 2008 The basic outline for this presentation was provided by: Objectives for the session:
Enterprise Risk Management and Business Impact Analysis: Understanding, Treating and Monitoring Risk 2012 The Flynt Group, Inc., All Rights Reserved FlyntGroup.com Enterprise Risk Management and Business
How to achieve excellent enterprise risk management Why risk assessments fail Overview Risk assessments are a common tool for understanding business issues and potential consequences from uncertainties.
RSA ARCHER OPERATIONAL RISK MANAGEMENT 87% of organizations surveyed have seen the volume and complexity of risks increase over the past five years. Another 20% of these organizations have seen the volume
Five Levels of Project Portfolio Management Figure 49 summarizes five levels of project portfolio management maturity . Each level represents the adoption of an increasingly comprehensive and effective
building a business case for governance, risk and compliance contents introduction...3 assurance: THe last major business function To be integrated...3 current state of grc: THe challenges... 4 building
The PNC Financial Services Group, Inc. Business Continuity Program subsidiaries) 1 Content Overview A. Introduction Page 3 B. Governance Model Page 4 C. Program Components Page 4 Business Impact Analysis
Enterprise Performance Management in the Pharmaceutical Industry kpmg.co.uk Are your performance management processes, metrics and tools prepared for tomorrow s strategic challenges in pharmaceuticals?
Debt Policy I. Purpose of the Debt Policy In support of its mission, (University) maintains a long term strategic plan. The strategic plan establishes University wide priorities as well as divisional programmatic
Group Risk IAA Seminar 19 April 2007, Mexico City Uncertainty Exposure Solvency Management in Life Insurance The company s perspective Agenda 1. Key elements of Allianz Risk Management framework 2. Drawbacks
Essentials to Building a Winning Business Case for Tax Technology The complexity of the tax function continues to evolve beyond manual and time-consuming processes. Technology has been essential in managing
FINANCIAL MANAGEMENT Standard costing Insights from leading companies February 2010 ADVISORY Executive Summary The current economic crisis has created significant cost pressures on businesses. This coupled
Beyond risk identification Evolving provider ERM programs March 2016 At a glance PwC conducted research to assess the state of enterprise risk management (ERM) within healthcare providers and found many
/01 / Leadership Series 6 PROJECT ADVISORY Monitoring capital projects and addressing signs of trouble Leadership Series 6 kpmg.com/nz About the Leadership Series KPMG s Leadership Series is targeted towards
Tax @ KPMG kpmgcampus.com b Tax @ KPMG Tax @ KPMG 1 We are making a significant investment in our people to help them grow and develop at KPMG Tax. Skip Robichaux, Tax Partner and People Leader The world
Confident in our Future, Risk Management Policy Statement and Strategy Risk Management Policy Statement Introduction Risk management aims to maximise opportunities and minimise exposure to ensure the residents
Valuation Services Global Capabilities Delivered Locally KPMG LLP Today s global environment has elevated the importance of valuations that support financial reporting, tax planning, litigation, and mergers
IBM Sales and Distribution Chemicals and Petroleum White Paper Tapping the benefits of business analytics and optimization A rich source of intelligence for the chemicals and petroleum industries 2 Tapping
Policy approved at 22 April 2013 meeting of the Board of Governors (Minute 133:4:13) INVESTMENT POLICY April 2013 Contents SECTION 1. OVERVIEW SECTION 2. INVESTMENT PHILOSOPHY- MAXIMISING RETURN SECTION
diversified industrials Supply and Demand Risk Management in Turbulent Times KPMG LLP With consumer confidence shaken and spending curtailed, businesses are facing some of the most challenging operating
RISK MANAGEMENT POLICY AND PRINCIPLES 1 (17) Board of Directors 20 January 2011 RISK MANAGEMENT POLICY Orava s goals and tasks of the Risk management The central short-term goal of Orava is to distinctly
Insights Investment strategy design for defined contribution pension plans Philip Mowbray Philip.Mowbray@barrhibb.com The widespread growth of Defined Contribution (DC) plans as the core retirement savings
What is Master Data Management and why is it so important? Date: February 2016 Agenda Introductions KPMG Approach to Master Data Management Panel Discussion Questions from the Audience 2015 KPMG LLP, a
NACM Central Region Credit Conference 2012 Analyzing the Statement of Cash Flows John A. Jaeger, CCE Manager Credit & Accounts Receivable Follett Higher Education Group 1 1 Analyzing the Statement of Cash
The KPMG iradar Valuation Assurance Service Global Contacts Valuation Assurance for Alternative Investments Tom Brown KPMG in the UK T: +44 20 76942011 E: email@example.com Frank Gannon KPMG in Ireland
A Primer for Investment Trustees (a summary) Jeffrey V. Bailey, CFA, Jesse L. Phillips, CFA, and Thomas M. Richards, CFA Investment trustees oversee the investments and investment process for a variety
APICS INSIGHTS AND INNOVATIONS SUPPLY CHAIN RISK CHALLENGES AND PRACTICES APICS INSIGHTS AND INNOVATIONS ABOUT THIS REPORT This report examines the role that supply chain risk management plays in organizations
Wealth Management Solutions Invest in the Future Life has significant moments. Making sure you re prepared for them is important. But what can you do when the pace of your life leaves you little time to
Meeting the Needs of Private Equity in the Finance Organization When there is a change in a company s ownership, significant changes are generally required in its finance organization. This is especially
AUDIT COMMITTEE NEWS Edition 43 / Q4 2013 Insurance Accounting Financial Reporting In June 2013 the IASB issued a revised exposure draft (ED) of its proposal for a financial reporting standard on Insurance
The College of New Jersey Enterprise Risk Management and Higher Education For Discussion Purposes Only Agenda Introduction Basic program components Recent trends in higher education risk management Why
Credit Unions RISK ADVISORY SERVICES Enterprise Risk Management, Internal Audit and Complex Accounting Services Credit unions care about personal service. So do we. How BDO works with credit unions Credit
Introduction to ISO 31000:2009 ISO 31000 was published as a standard in November of 2009. It provides a standard on how risk should be implemented. The intention of ISO 31000:2009 was to be relevant and
. TODAY S DISCUSSION What is Risk Management? Emerging Trends Risk and Performance Management Synergies WHAT IS RISK? RISK RISK Co-ordinated activities to direct and control an organization with regard
Developing a Free Credit Score Program kpmg.com Developing a Free Credit Score Program 1 Introduction U.S. regulators, including the Consumer Financial Protection Bureau (CFPB), have begun urging lenders