One of the leading insights to come out of the survey was that a risk program can only become fully operational when all the C-level executives are using risk management as a tool for collaborative decision-making. This can be done by embedding it into management routines (such as strategic planning, management risk committee meetings, budgeting, and corporate policy-making). The use of GRC Dashboards is an excellent way to harness technology and innovation in order to enable the embedding of risk into management routines.
As we describe in KPMG’s Vital Risk Insights thought leadership paper, by using business intelligence software an organization can distill an overwhelming amount of data into a key set of governance, risk and compliance monitoring indicators. Business intelligence software is an imperative for leading companies that need to keep their finger on the pulse of performance. Risk intelligence solutions are becoming a game-changer for tracking the effectiveness of GRC activities.
Where no such applications are in place, a company has an opportunity to design executive dashboards that integrate performance data, risk indicators and information related to GRC. For companies that are already using business intelligence dashboards to track performance data; the report highlights the value of expanding these applications to create dashboards for internal GRC stakeholders.