Contact us Vision 360 Compliance Cockpit · 2020-05-22 · Vision 360 Compliance Cockpit We have...
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Country Name T: +XX XX XXXX XXXX E: [email protected] Country Name T: +XX XX XXXX XXXX E: [email protected] Country Name T: +XX XX XXXX XXXX E: [email protected] Country Name T: +XX XX XXXX XXXX E: [email protected] The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. © 2018 KPMG Lower Gulf Limited, operating in the UAE and Oman, member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. Designed by Creative UAE The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. © 2018 KPMG Lower Gulf Limited, operating in the UAE and Oman, member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. Designed by Creative UAE October 2019 KPMG Lower Gulf Limited Vision 360 Compliance Cockpit
Transcript of Contact us Vision 360 Compliance Cockpit · 2020-05-22 · Vision 360 Compliance Cockpit We have...
Contact us
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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. © 2018 KPMG Lower Gulf Limited, operating in the UAE and Oman, member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG name and logo are registered trademarks or trademarks of KPMG International. Designed by Creative UAE
Publication name: XXXXXXXXX
Publication number: XXXXXXXXX
Publication date: XXXXXXXXX
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. © 2018 KPMG Lower Gulf Limited, operating in the UAE and Oman, member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG name and logo are registered trademarks or trademarks of KPMG International. Designed by Creative UAE
Publication name: XXXXXXXXX
Publication number: XXXXXXXXX
Publication date: XXXXXXXXX
October 2019
KPMG Lower Gulf Limited
Vision 360 Compliance Cockpit
Legal and compliance framework
A comprehensive framework is essential, so that critical applicable laws are identified and mapped to the relevant process owners across functions and locations. This process promotes compliance and supports action when non-compliance is identified. Boards now have the opportunity to increase their awareness of incidences of non-compliance and promote improved oversight.As regulations become increasingly pertinent across the United Arab Emirates (UAE), it is vital that organizations are aware of applicable laws and legislature. Exemplifying rigorous oversight, the Abu Dhabi Accountability Authority (ADAA) Resolution No. 1 of 2017 and Securities and Commodities Authority Resolution No. (7 R.M) of 2016 outlines compliance requirements with the aim of ensuring
greater responsibility across the UAE. According to the Securities and Commodities Authority: The Chairman of Authority’s Board of Directors’ Resolution No. (7 R.M) of 2016 Concerning the Standards of Institutional Discipline and Governance of Public Shareholding Companies:
Article (43): Duties of the Board of Directors:
1. Taking the necessary procedures to ensure compliance with applicable laws, regulations, and resolutions, as well as the requirements of the supervisory authorities
4. Establishing an internal control department to follow up compliance with the applicable laws, regulations, and resolutions; requirements of the supervisory bodies; and the internal policy, regulations, and procedures set by the Board of Directors.
Article (50): Internal Control: The Company shall apply a precise internal control system that aims to develop an
To help reduce the risk of non-compliance and to assist with greater adherence to the principles laid down by the ADAA and SCA, KPMG Lower Gulf, in collaboration with Clyde & Co., has put together a tool/methodology called the Vision 360° Compliance Cockpit.
What is it?
The Vision 360° Compliance Cockpit is a web-based model which tracks event- and time-based compliances.
Key features
– Web-based model
– Event-based and time-based compliances
– Compliance calendar
– Dashboards
– Auto reminders
– Escalation
– Maker checker controls
– Action tracking
– Audit trails
– Compliance certificate generation
– Ease of implementation and usage
– Works with mobile interface
– Aids litigation tracking
– Assists with adherence to statutory legal compliance
– Assists with internal control/compliances
– Generalization of circulars and notices
– Alerts include early warning signals
assessment of the Company’s means and procedures of risk management, sound application of corporate governance rules, verifying the Company and its staff comply with applicable laws, regulations, and resolutions that govern the Company’s operations as well as internal procedures and policies.
Resolution No.1, 2017 of the Chairman of Abu Dhabi Accountability Authority (ADAA)
Article 5: In addition to the statutory auditor’s opinion on the financial statements, the audit report will reflect the auditor’s opinion on the entity’s compliance covering:
a. Law number (1) of 2017 concerning the financial system of the Government of Abu Dhabi and the instructions provided by the Department of Finance pertaining to the preparation and implementation of the annual budget and supporting resolutions and circulars.
b. The entity’s law of establishment and related circulars and resolutions.
c. The laws, circulars and resolutions organizing the entity’s operations, if these have a financial impact on its financial statements.
Non-compliance may lead to multiple risks, including but not limited to:
– Reputational risk to the company and its stake holders
– Closure of the business
– Impact to business plans and strategies
– Fines and penal action by the regulator
– Class action suit against directors and officers
– Impact to the public interest and/or stakeholders
Vision 360 Compliance Cockpit
We have developed a legal compliance framework with 18 key elements to assist companies in providing their board of directors with comfort that the systems and processes to monitor relevant compliances are in place.
Governance level Operating level Monitoring level
A. Organizational structureMaintain integrity and independence in the compliance framework
B. Standard operating procedure (SOP)Existence of well-defined SOPs for compliance functions
C. Roles and responsibilitiesClearly define roles and responsibilities, with segregation of duties
D. Risk assessmentConduct periodic risk assessment and prioritize is based on results
E. Whistleblower frameworkDefine processes for whistleblowing, investigation and resolution
F. Reporting structureEstablish guidelines and an escalation mechanism for periodically reporting exceptions
A. Alignment of business practicesMap business requirements with applicable regulatory provisions
B. Applicable regulatory requirementIdentification of relevant acts, licenses, registrations and provisions
C. Implementation of systems and rulesTranslate the compliance checklist into digital form for monitoring
D. Sourcing of the licenseTimely application and renewal of the relevant license and monitor its expiry
E. Document retentionDefine processes for whistleblowing, investigation and resolution
Training and awarenessDeliver periodic trainings for business personnel, compliance officers and vendors
A. MIS and reportingGenerate and report exception MIS for effective monitoring
B. Audit, inspection and site visitExecute of periodic internal/external audits and physical inspections
C. Complaint processIdentify non-compliance incidences identified and reported
D. Self-certificationsDefine processes for self-certification for key controls
E. Third party complianceDetermine a monitoring test plan for third-party vendor related compliances
F. Remedial action for non-complianceFollow-up processes to monitor action taken
How do we assist our clients?
We assist in rolling out the Vision 3600 Compliance Cockpit tool and in keeping track of important dates and deadlines pertaining to work renewals or regulatory changes, by obtaining and understanding the business and compliance framework. Vision 3600 can assist with centralizing data online, so processes are not affected when an employee leaves or there is a change of management. We support preparation of compliance checklists, including documents, licenses or deadlines, categorizing them according to risk parameters. We also provide support in centralizing data and documents, enabling faster analysis with more accurate data and fewer redundant files.
We also assist our clients in prioritizing key legal and compliance framework elements and developing procedures for implementing each of these elements.
We will provide an automated web based tool which will incorporate checklists for most relevant laws and regulations.
The list of applicable laws will be provided by the client’s legal counsel, thus, we do not provide assurance on the completeness and comprehensiveness of all the laws and regulations.
KPMG Lower Gulf does not provide legal services, however our partner firm, Clyde & Co., may assist clients with these if required. Products offered by KPMG Lower Gulf should not be considered at par with, or as a substitute for, legal advice. Please contact Clyde & Co. or any other law firm for legal matters.
We look forward to having a detailed discussion with you regarding our legal compliance framework. Please contact us for more information.
In order to implement a robust legal compliance framework, companies should consider the following elements:
Structured legal compliance framework for applicable key laws
Well defined compliance-related roles and responsibilities across locations and functions
Technology-enabled tools and databases to assist in ensuring stringent compliance
Trainings to be rolled out to employees on compliance framework requirements
A robust review and reporting mechanism
We assist clients in developing and establishing a robust legal and compliance framework which helps provide the board of directors and other stakeholders with assurance that the company has the systems and processes to monitor relevant compliances.
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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. © 2019 KPMG Lower Gulf Limited, operating in the UAE and Oman, member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG name and logo are registered trademarks or trademarks of KPMG International. Designed by Creative UAE
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Publication number: 2488
Publication date: October 2019
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Siddharth V. BehalPartner, Internal Audit Risk and Compliance ServicesHead of Managed ServicesKPMG Lower Gulf Limited
T: +971 4 424 8962E: [email protected]
FirozAli GhadyalyDirectorManaged ServicesKPMG Lower Gulf Limited
T: +971 4 356 9734E: [email protected]
Sarah KhojaPartnerClyde & Co.
T: +971 4 384 4689E: [email protected]
Nicolas BraganzaLegal DirectorClyde & Co.
T: +971 4 384 4275E: [email protected]
