Australia

Details

  • Service: Advisory, Risk Consulting, Forensic, Internal Audit, Risk & Control Services, Geographic Markets, Asia Markets, Topics, Managing Risk & Complexity, Anti-Bribery & Corruption, Fighting Fraud
  • Industry: Government
  • Type: Survey report
  • Date: 25/01/2013

Ingredients for strong Governance, Risk and Compliance function in Asia-Pacific 

In many global organisations, risk management and compliance departments are among the few areas that have continued to grow in recent years, fuelled by increased regulation and new expectations for corporate governance. Although these changes are most apparent in the financial sector, and in the United States and Europe, they have by no means been confined to these markets.
Executives in Asia Pacific are growing more aware of the concept of Governance, Risk and Compliance (GRC) and a majority see it as a high priority. However, many remain uncertain about where to start and how best to harness technology.

 

Key insights

  • Defensive priorities (risk reduction and quicker risk identification) are still at the forefront of people’s thinking.
  • Over 40 percent of respondents admitted they were not sure how to measure the benefits of a GRC programme.
  • Many organisations with a regional footprint see GRC as a way to improve geographic consistency and visibility of risk across markets and units.
  • Almost 30 percent of respondents were unable to estimate the overall costs of their organisation’s existing governance, risk and compliance activities.
  • Most respondents (76 percent) expected expenditure on GRC to continue to rise over the next two to five years, although a significant number saw spending being reduced in the current or next financial year.
 

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