The Ingredients for a Strong Governance, Risk and Compliance Function in Asia Pacific

Asia Pacific organisations face many challenges in developing frameworks that can accommodate emerging risks, new regulation, and the heightened expectations upon boards.
 
This KPMG report shows how they are approaching these challenges from a very different point of maturity when compared to Western organisations, and gives advices on adopting GRC technologies.
 
The survey is based on face-to-face and telephone interviews with 60 executives from 10 markets across the region.
 
Key Findings:
  • 73% of respondents say their company was giving it “serious interest”

 

  • Desire to reduce exposure to risk tops the factors influencing the interest in GRC; and cost reduction (32%) was a lower concern than expected

 

  • Most still do not perceive technology as a key component to deploying and maintaining an effective GRC programme while only 13% see GRC technology as a priority

 

  • Unclear potential benefits, overall complexity and cost are the main barriers to realissing value from GRC convergence

 

  • Time & effort and the support from senior management are the two key considerations for developing and sustaining GRC in the organisation

 

  • 65% cite improved visibility over risk and compliance activities as a primary requisite for any GRC technology

 

  • 76% expected expenditure on GRC to continue to rise over the next two to five years 

 

 

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