The PricewaterhouseCoopers real estate risk management/internal audit services group is comprised of highly accredited professionals who develop innovative risk management client solutions tailored to the real estate industry. Historically, real estate companies have been tightly controlled and geographically centralized; therefore, management often underestimated the importance of internal audit departments. Over the past few years, many real estate companies have grown significantly. Many have consolidated, and even entered the public markets. As a result, property portfolios are larger and more diverse – creating a new impetus for management to identify ways of monitoring, measuring and controlling new risks while keeping costs down.
In addition to performing internal audit services to our real estate clients, we have developed a risk management database that is focused on and customised to the real estate industry. The database houses a tool called a 'Heat Map" that uses a real-time self-assessment of the risk in a real estate portfolio. The database enables you to identify high-risk properties within various risk categories, such as market risk, environmental risk, and financial risk. As a result, the database is valuable, not only as a risk-management tool, but also as a resource allocation and operational effectiveness tool. The database also houses audit programs and reports tailored to the real estate industry, with exception tracking to allow for trend reporting.
As part of our Global risk management solutions practice, the Internal audit services practice delivers a variety of internal audit and risk management solutions. They range from highly specialized strategic performance reviews, risk assessment services and control self assessment services to more extensive engagements, including strategic sourcing, geographic sourcing, and full outsourcing. These services are delivered by nearly 800 dedicated internal audit professionals throughout the world. Their talents bring new capabilities and value to organizations confronted with the management of complex risks.
We also offer a balanced integration of key, specialized knowledge resources including strategic, operational, financial and regulatory risk management. These specialised resources support the internal audit practice, ensuring the talents of our people are leveraged to the benefit of clients; while global best practices are customised to your unique needs. Examples of specialized risk management capabilities supporting the financial services real estate internal audit practice include:
- Information systems risk management
- Capital markets/Trading activities
- Credit risk management
- Construction site reviews
- Cash management reviews
- Due diligence reviews
- Environmental reviews
- Compliance reviews
