Connect. Modernize. Digitize. Take command of risk has been saved
Connect. Modernize. Digitize. Take command of risk
A strategic way to build resilient organizations
A Connect. Modernize. Digitize. (CMD) approach can optimize performance, increase productivity, grow profitability, improve risk management, and potentially lower the cost of compliance. Learn how your organization can achieve risk excellence and build resilience with a CMD approach today.
What is CMD?
CMD is a strategic and adaptive way of building resilient organizations by connecting, modernizing, and digitizing assurance, compliance, and risk management activities across an organization. CMD has been specifically designed to help assurance, compliance, and risk functions in their effort to address the challenges they face in adopting technology, by focusing on goals, risks, processes, roles, and responsibilities rather than taking a siloed, tools-focused approach that compounds the challenges.
There are many reasons to connect, modernize, and digitize assurance, compliance, and risk management, including:
- CMD builds assurance mechanisms into the design of business processes to achieve both conformance and desired performance outcomes
- CMD helps create capacity for second-line functions to spend more time helping management navigate the truly greatest risks
- CMD can help internal audit functions meet expectations from stakeholders, such as demanding more assurance on an expanding range of risks, more forward-looking advisory services, and more penetrating insight, as well as foresight
Benefits of CMD
Traditional controls are expensive and time-intensive. They are providing organizations with a false sense of security and are not keeping pace with digitization and regulatory change. CMD, on the other hand, enables organizations to:
- Align key activities across the lines of defense to reduce overlap, close gaps, and enhance control
- Provide transparency into process and control performance to help mitigate risk events earlier and more effectively
- Automate activities to provide assurance in real time
- Initiate a time and value shift to move talent to advise stakeholders and address threats and opportunities
- Provide people with risk-related responsibilities, data-driven insights, and a digital workspace
Survey results on risk management, integrated assurance, and operating maturity
During an April 2020 Dbriefs webcast, Deloitte surveyed more than 4,000 professionals to gain insights into their views on risk management, integrated assurance, and operating maturity. Participants were posed questions about their perceived risk management challenges, the value drivers of assurance transformation, their organization’s risk management maturity, and the greatest barriers to transforming risk management capabilities. Find out what they had to say.
The time to take command is now. To explore the potential of CMD in your organization, contact your Deloitte professional today.