Businesses 'unaware of GRC responsibility'

19/02/2010 Businesses 'unaware of GRC responsibility'

Almost half of all businesses are not fully aware of who holds overall responsibility for governance, risk and compliance (GRC) within their organisation.

This is according to KPMG International, which has partnered with the Economist Intelligence Unit to produce a new study into the issue.

Titled The Convergence Challenge, the survey looks at how organisations are looking to converge their activities in these three areas in order to cut down on exposure to risk.

It found that executive managers and regulators are the two main influences behind firms wanting to combine their GRC, while improving the ability to identify risks more quickly was found to be the key benefit for the majority of respondents.

Director of KPMG in the UK Simon Evans noted that convergence in this area "should be a real priority for corporates".

"In today's environment, convergence of GRC is too important a subject for any ambiguity to be tolerated," he added.

The Big Four company currently has 22 offices in the UK, employing over 10,000 partners and staff.

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