Organizations who can CMD their approach to assurance, compliance, and risk, can embrace digital technologies and new ways of working. In this publication, Deloitte outlines the core components of CMD detailing how a CMD initiative is not just a technology solution but also a combination of a new mind-set, skill-set and tool-set for organizations.
Building resilient companies by aligning and modernizing risk management and using digital technology applied to new operating models for risk - Connect, Modernize, and Digitize (CMD) is a strategic, creative, agile and adaptive way, of bringing our existing innovative offerings to rapidly enable what is needed for organizations to drive impact and value through risk.
In this latest global Internal Audit point of view publication, we consider a more holistic discussion on risk, compliance and assurance transformation across an organization.
CMD is an opportunity arising from the leading thinkers across the three lines of defense. The convergence of digital technology, automation, and analytics provides CMD the foundation on which to build a more resilient organization, one capable of taking on the right risks and withstanding the shocks of an ever-changing risk universe.
Now more than ever, digital is woven into everything we do. Technology is poised to enable a digitally connected risk enterprise, giving the CEO a clear line of sight on risk across all three lines of defense. Supporting a more agile enterprise, CMD can drive real time controllership and assurance, meaning the organization is more prepared for Volatility, Uncertainty, Complexity and Ambiguity (VUCA).
The cost and accessibility of cognitive, analytical, and automation technologies are no longer the limiting factors they were even a few years ago. By incorporating assurance by design into business processes, leveraging automation for control functions, and innovating assurance activities, organizations are able to generate greater visibility into risk and faster response to remediation. Those organizations who achieve the CMD paradigm shift in assurance, compliance, and risk are realizing benefits.
CMD is an opportunity for Internal Audit to lead. CMD conversations are strategic and forward looking and go beyond control rationalization, GRC implementation, and control automation, to drive risk transformation.
This is Risk Redefined. This is taking Command of Risk.