risk trends and proactive audit committee - presentation · 2018-07-01 · russia. natural...
TRANSCRIPT
Risk Trends and
Proactive Audit
Committee
24 August 2017
2© 2017 KPMG Phoomchai Business Advisory Ltd., a Thai limited company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. Printed in Thailand..
With emerging financial risks and economic crisis, regulators are expecting the firms to demonstrate effective enterprise risk management and compliance programs.
3© 2017 KPMG Phoomchai Business Advisory Ltd., a Thai limited company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. Printed in Thailand..
Transformation to Proactive Insights
Introduction to Risk Trends and Proactive Audit Committee 5-year key risks trends S-O-F-C risks trends Key risk symptoms
Audit Committee towards risk and compliance Roles and responsibilities of Audit Committee Recent updates on relevant laws and regulations
Tips of successful ERM and Compliance Transformation Effective Enterprise Risk Management Successful Compliance Transformation
Questions to consider Quick questions for Audit Committee to focus and
further discuss with management
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Strategic (S)
Financial (F)
Operational (O)
Compliance (C)
2013 and prior years 2014 2015 2016 2017 and
onwards
Roll-Royce Cases
Paris Terror Attacks
New Securities and Exchange Act
WannaCry Ransomware Attack
Increased Interest Rate by FED
5-Year Key Risk Trends – Changes in Risk Landscapes
Oil Spill (Lawsuit)
More expected AI Systems
Chinese Stock Market Crash
Brexit
Accounting Scandal in Japan
Military Coup
Apply IFRS 7, 9, 15, and 16
Impacts from IFRS 9, IFRS 15, IFRS 16 and IFRS 7
Breach of SEC Laws (Insider Trading)
US’s Presidency
Increasing SEC Criminal Finning Cases
Fishery Exports (EU Non-Compliance)
Chinese Yuan added to SDR Basket
Financial Crisis in Russia
Natural Disasters (Tsunami in Japan)
Political turmoil and severe protests
2011 Thailand Floods
Bangkok Bombing
Nepal Massive Earthquake
Big Data Trends
Electric Vehicle Boom
Eurozone Crisis
Alpha Go victory over human
AEC Booming
Oil Price Crashes
Dyn DDoS attack
Hacker steal millions baht from ATMs
Computer-related Crime Act (2017)
QE Package by FED
Foreign Account Tax Compliance Act (FATCA)
Sunset of Traditional Retailers Emerging Millennial
4G License Auction
Mega Merger (MAKRO)
Alibaba goes IPO
ISIS Emerging
CO2 Emission Test
BTSGIF Continuing trends of increased interest rate by FED
Bank fines and settlement of USD 215 million
Airline Incidents –social media nightmare
One Belt, One Road Eastern Economic Corridor
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Strategic Risk (S) – Changing business landscapes“Key challenge is to change how the company re-invents business model to stay in the game”
Focus on the core of your company and re-inventing
business model in innovative and systematic way.
Disruptive Business Model Disruptive New Technologies
Technology innovation plays a key role in inventing new
business model and becomes major enabler for changes
New Market Landscape
Enormous changes in demographics and customer
experiences demand the company to response to disruptive market
Example
Geo Political Issues– Road to the way forward
We saw the trends of the rise of nationalism on the geo-politicallandscape e.g. Brexit, Scotland exit, US withdrawing from Trans-Pacific-Partnership (TPP)
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Operational Risk (O) – Be defensive and resilient
Cyber Crime/Threats
• Have your company done enough to protect itself?
• If your company got infected by ransomware, should the company pay ?
• Does the company have processes in place to address cyber risks ?
Operation Disruptions
• Does the company has the crisis response plan to address the impacts ?
• Have management granted sufficient resources to invest in crisis response plan ?
Economic Crime
• Does the company implement anti-fraud program and control ?
• Is management taking sufficient responsibility for the fight against fraud and misappropriation?
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Financial Risk (F) – Lessons learnt and upcomingHistory of Key Events
1997 1998 1999 2000 2001 2008 2009 2014 2015 2016
Asian Economic Crisis (Tom Yam
Goong Crisis)
Russian Financial Crisis
Argentine Economic Crisis
Dot Com Bubble
911 Incident
Subprime Financial Crisis
Greece Economic Crisis
Russian Financial Crisis
(Ruble)
Chinese Stock Market Crash
Brexit
What the Company has learnt from previous experience ?
Financial crisis demands the company to improve their economic and financial framework. Maintaining a strong financial oversight could strengthen and ensure buffers for potential risks.
Aware of impacts from new standards ?
TFRS 9 –Financial
Instruments
TAS 32 –Financial
Instruments: Presentation
TFRS 7 –Financial
Instruments: Disclosures
TFRS 15 –Revenue from Contracts with
Customers
TFRS 16 -Leases
Exa
mp
le
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Compliance Risk (C) – Increasing regulatory complexity
88 MMore than THB 88 Million was fined from Criminal Sanctions in 2016 (SEC) In 2017, there are more than THB 13 Million of Civil Monetary Penalty as a result of Unfair Securities Trading Activities (Insider Trading - SEC).
พระราชกฤษฎีกาวาดวยการควบคุมดูแลธรุกจิบริการการ
ชําระเงินทางอิเลก็ทรอนิกสของสถาบันการเงินเฉพาะกิจ
พ.ศ. 2559
พระราชบัญญัติแกไขเพิม่เติมบทบัญญัติแหงกฎหมาย
ที่เกี่ยวกับความรับผดิในทางอาญาของผูแทนนิติบุคคล
พ.ศ. 2560
พระราชบัญญัติหลักทรัพยและตลาดหลักทรัพย (ฉบับที่ 5)
พ.ศ. 2559
พระราชกฤษฎีกาออกตามความในประมวลรัษฎากรวา
ดวยการยกเวนรัษฎากร พ.ศ. 2560
New Laws Enforcement in Thailand (Examples)
2015Settlement Committee imposes fines on Company Insider Trading
2017Many Companies are under scrutiny after being named over “Bribes from Supplier”
2016SEC fines executives of insurance company for insider trading and other violation of market regulations 2016
Criminal Fining Committee orders fines on share manipulation cases
2015 Car Company was accused of irregularities in carbon dioxide emissions and fuel usage
2017 SEC demands the Company to submit a special auditE
xam
ple
of
real
inci
den
ts
Deploy change and adapt people, process, and strategy to support compliance activities
พระราชบัญญัติ วาดวยการกระทําความผดิเกีย่วกบั
คอมพิวเตอร (ฉบับที่ 2) พ.ศ. 2560
หลักการกํากบัดูแลกจิการทีดี่ สําหรับบริษัทจดทะเบียน
ป 2560
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Risk Symptoms - Aware of potential ineffective risk assessment
Detect and Prevent
Key Warning Signs of ineffective Enterprise Risk Management
1
Risk assessment does not cover risk of non-compliance with new laws and regulations, technology considerations, social media, and cyber crime
Fraud / Corruption risks are not properly identified and addressed2
3Risk information is captured but not effectively utilized and certain risks identified are outdated
4Risks are not escalated to the right person at the right time and risk responses are not communicated consistently across the organization
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Transformation to Proactive Insights
Introduction to Risk Trends and Proactive Audit Committee 5-year key risks trends S-O-F-C risks trends Key risk symptoms
Audit Committee towards risk and compliance Roles and responsibilities of Audit Committee Recent updates on relevant laws and regulations
Tips of successful ERM and Compliance Transformation Effective Enterprise Risk Management Successful Compliance Transformation
Questions to consider Quick questions for Audit Committee to focus and
further discuss with management
11© 2017 KPMG Phoomchai Business Advisory Ltd., a Thai limited company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative("KPMG International"), a Swiss entity. All rights reserved. Printed in Thailand..
Audit Committee towards Risk and Compliance
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Roles and Responsibilities of Audit Committee
Review system for monitoring compliance with laws and regulations
Review findings of any examinations by regulatory agencies and auditor observations
Review process for communicating code of conduct and monitoring compliance
Update compliance matters from management and legal counsel
Source: https://global.theiia.org
Compliance
Main duties of the Audit Committee: • To review the performance of the company to
ensure compliance with the securities and exchange law, regulations of the Exchange or laws relating to business of the company.
Best Practice Guidance for Audit Committee (Bor.Jor./Ror.25-00)
Source: https://www.set.or.th
Risk ManagementModel AC Charter
Source: http://www.cgthailand.org
Principle 6.2 – The board shall establish an audit committee that can act effectively and independently.
6.2.5 – The audit committee should express its opinion on the adequacy of the company’s internal control and risk management systems, and disclose its opinion in the company’s annual report.
SEC Audit Committee Handbook
Roles and Responsibilities of Audit Committee (Examples)
แนวปฏิบัติ 1 การสอบทานการควบคุมภายในและการบริหารความเส่ียง
(1) สอบทานรายงานจากหนวยงานตรวจสอบภายในเกีย่วกับการประเมินความมีประสิทธิภาพของ
ระบบการควบคุมภายใน การบริหารความเสี่ยงและการกํากับดแูลและหารือกับหนวยงานตรวจสอบ
ภายในเกี่ยวกบัขอสังเกตในรายงานดงักลาว
(6) สอบทานใหบริษัทมีมาตรการและระบบบริหารความเสี่ยงรวมทั้งสอบทานกระบวนการภายใน
บริษัทเกี่ยวกับการรับแจงเบาะแสและการรับขอรองเรียน
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Roles of Audit Committee – Global Survey
Source: The KPMG 2017 Global Audit Committee Pulse Survey
Roles of AC have evolved over time far beyond normal financial reporting, internal controls and compliance
1AC can liaise with management to set the right level of risk appetite and tolerance including appropriate control activities
2AC oversees internal audit to maximize the value by focusing on risk management and key risk factors
3AC can help foster a culture of risk and compliance – Tone at the top
4AC can be involved in the risk management process to review and oversee the company’s risk assessments
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Updates on Laws and RegulationsFor more effective compliance
การแกไขเพ่ิมเติมความผิดในสวนของการ
กระทําอันไมเปนธรรมเก่ียวกับการซื้อขาย
หลักทรัพย (Market Misconduct)
การแกไขเพ่ิมเติมกฎหมายท่ีเก่ียวกับ
ความรับผิดในทางอาญาของผูแทนนิติ
บุคคล
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Market Misconduct
1 ลักษณะของ Market Misconduct
การสรางขาว เผยแพร หรือใหคํารับรองขอความ
ที่นาจะมีผลกระทบตอราคาหลักทรัพยหรือการ
ตัดสินใจลงทุนในหลักทรัพย (Dissemination)
การเอาเปรียบผูลงทนุโดยใชขอมูลทีล่วงรูมา
เชน กรณี Insider Trading
การสรางราคาหลักทรัพย (Market Manipulation) กรณีอื่นๆที่เก่ียวของเชน การสงคําส่ังซื้อขายเขาใปในระบบซื้อขายหลักทรัพยจนเปนเหตุให
ระบบลาชาหรือหยุดชะงัก และการใชหรือยอมใหใชบัญชี Nominee
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Key Changes to Securities and Exchange Act
2Civil Penaltyการเพ่ิมมาตรการลงโทษทางแพง
ลักษณะความผิดท่ีนํามาตรการลงโทษทางแพ่งมาใช้ได้
• การกระทําอันไมเปนธรรมในการซื้อขายหลักทรัพย (ความผิดตาม
มาตรา 296 หรือมาตรา 296/1 พ.ร.บ. หลักทรัพยฯ)
• การแสดงขอความอันเปนเท็จหรือปกปดขอความจริงซึ่งควรบอกให
แจงในสาระสําคัญ (ความผิดตามมาตรา 278 หรือมาตรา 281/10
พ.ร.บ. หลักทรัพยฯ)
• การไมปฏิบัติหนาท่ีในฐานะกรรมการหรือผูบริหาร (ความผิดตาม
มาตรา 89/7 หรือมาตรา 281/2 พ.ร.บ. หลักทรัพยฯ)
• การใชหรือยอมใหใชบัญชี Nominee (ความผิดตามมาตรา 297
พ.ร.บ. หลักทรัพยฯ)
Civil Penalty
ชําระคาปรับทางแพง
ชดใชคาใชจายในการตรวจสอบการ
กระทําความผิดน้ันคืน ก.ล.ต.
หามเขาซื้อขายในตลาดหลักทรัพยหรือศูนยซื้อขาย
หลักทรัพย หรือเขาผูกพันตามสัญญาซื้อขาย
ลวงหนาในศูนยซื้อขายสัญญาซื้อขายลวงหนา
ภายในเวลาท่ีกําหนด แตไมเกิน 5 ป
หามเปนกรรมการหรือผูบริหารใน
บริษัทท่ีออกหลักทรัพยหรือบริษัท
หลักทรัพยภายในเวลาท่ีกําหนด แต
ไมเกิน 10 ป
ชดใชเงินจํานวนเทากับ
ผลประโยชนท่ีไดรับหรือ
พึงไดรับจากการกระทํา
ความผิด
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กรณีมีการแกไขเพิ่มเติมกฎหมาย 76 ฉบับ โดยกําหนดใหกรณีนิติบุคคลกระทําความผิดซึ่งมีโทษทางอาญา กรรมการ ฯลฯ ซึ่งเปนผูแทนของนติิบุคคลจะตองรับผิดดวย ถา......
1การกระทําความผิดของนิติบุคคลนั้น เกิดจากการสั่งการหรือการกระทําการของกรรมการ ฯลฯ ซึ่งรับผิดชอบในการดําเนินงานของนิติบุคคลนั้น หรือ
2กรณีกรรมการ ฯลฯ มีหนาที่ตองสั่งการ หรือกระทําการ แตไมไดสั่งการ หรือกระทําการ จนเปนเหตุให นิติบุคคลนั้นกระทําความผิด
Key Changes to พระราชบัญญัติความรับผิดฯ
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Transformation to Proactive Insights
Introduction to Risk Trends and Proactive Audit Committee 5-year key risks trends S-O-F-C risks trends Key risk symptoms
Audit Committee towards risk and compliance Roles and responsibilities of Audit Committee Recent updates on relevant laws and regulations
Tips of successful ERM and Compliance Transformation Effective Enterprise Risk Management Successful Compliance Transformation
Questions to consider Quick questions for Audit Committee to focus and
further discuss with management
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“How do we know we are complying with all rules and regulations relevant to the
company ?”
“Have all significant risks been captured and appropriately managed ?”
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Tips for Effective Enterprise Risk Management “The Challenges are to identify emerging various risks facing the organization and implement approaches to manage uncertainties and risks.”
Enterprise Risk Assessment
ERM Program Maturity Assessment
ERM Implementation
• Understand and assess the risks facing the company• Assess the current ERM in place• Develop risk profiles• Involve consultants to help establish effective ERM practices and systems
• Understand current risk management processes and assess the effectiveness of the ERM Program in place
• Identify gaps and improvements from the ERM maturity assessments• Develop the roadmap for actions to be taken from the assessment results
• Plan for ERM Implementation• Design risk governance process• Develop training plan• Communicate with stakeholders• Design and implement monitoring system• Ongoing support for ERM Implementation
Key Approaches for effective ERM
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Tips for successful compliance transformationWhat are the Keys to Design/Build Effective Compliance Transformation ?
Understand compliance and requirements
Plan your compliance transformation and assess
capabilities
Develop and Identify compliance enhancements
Implement Compliance Transformation
• Understand regulatory and business changes that put new demands on compliance
• Risk of potential reputational damage and significant penalties.
• Evaluate current policies and system supporting compliance function
• Assess culture of compliance (Tone from the Top)
• Relevant laws and regulations
• Implement compliance transformation plan
• All gaps from the assessment
• Modification required to the current process and systems
• Establish regulatory change management
• Involvement of the consultants for transformation
• Communication with stakeholders
• Proactively address regulatory changes
• Compliance transformation strategies
• More investment in compliance operations
• On-going support for compliance transformation
“Compliance accountability starts with a strong compliance culture, with tone at the top, and reaches across Three Lines of Defense”
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Tips for successful compliance transformationReaches across Three Lines of Defense
Governanceand culture
Clearly defined roles and responsibilities of each “line of defense” are the key factors to enhance compliance
1. Business Line – Controls Design and Execution
2. Compliance Function – Compliance Oversight
3. Internal Audit – Independent Assurance
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Reach the next level of Risk Management“Risk management should be embedded within the culture of the organization so that
everyone is focused on managing and optimizing risk.”
Internal Audit, Risk & Compliance Services by KPMG
Contract Compliance Services – specialize in executing audit clauses in contracts between business partners
ERM and Governance, Governance, Risk and Compliance – help organizations implement sustainable ERM systems, and Governance Risk and Compliance and provide board advisory and other governance services
IA and SOAS Strategic Sourcing – designed to assist organizations that are seeking to improve internal audit quality and oversight. The services also include ICOFR/SOAS, Quality Assurance Review, and establishing IA Function
IA Data & Analytics – help the IA function to uncover the strategic, value-added, data-driven insights and sustainable results
Major Projects Advisory – assist in identifying and mitigating project risks throughout the project life cycle
Sustainability Services – provide sustainability and climate change services that aim to deliver value to our clients
Regulatory Compliance – assist regulators, boards, and management in evaluating an entity's compliance with applicable rules and regulations and compliance transformation
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Transformation to Proactive Insights
Introduction to Risk Trends and Proactive Audit Committee 5-year key risks trends S-O-F-C risks trends Key risk symptoms
Audit Committee towards risk and compliance Roles and responsibilities of Audit Committee Recent updates on relevant laws and regulations
Tips of successful ERM and Compliance Transformation Effective Enterprise Risk Management Successful Compliance Transformation
Questions to consider Quick questions for Audit Committee to focus and
further discuss with management
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Questions to Consider – how to address challenges
01
02
03
04 How effective the Company’s Compliance program is? Is the program robust enough to address current emerging compliance issues?
05
How effective the Company’s ERM program is such as team structure, framework, stakeholder involvements, reporting and monitoring system?
Are the critical risks being addressed and managedeffectively and is information provided to the committee relevant and understandable?
Does the Company have robust processes in place to identify significant and emerging risks?
“Disruptions in the current business environment are putting Audit Committee on high alert”
What could the Company do to strengthen complianceacross enterprises and in all Three Lines of Defense?
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Question & Answer
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This Document is Strictly Confidential
This document contains confidential material proprietary toKPMG Phoomchai Business Advisory Ltd. (KPMG). Thematerials, ideas, and concepts contained herein are to beused exclusively to evaluate the capabilities of KPMG.
The information in this document contains trade secrets andconfidential or proprietary information of KPMG, thedisclosure of which would provide a competitive advantage toothers. Therefore, this document shall not be disclosed, usedor duplicated, in whole or in part, for any purpose other thanas presentation.
Disclaimer
Contact Detail:
Attaporn Pacharanan
Partner - Tax+ 66 2677 [email protected]
Sukit Vongthavaravat Partner - Advisory+ 66 2677 [email protected]