Bridging the risk and control information gap
Many company directors are surrounded by a sea of corporate governance data yet lack the quality, well organised information they need to fulfil their duties. A recent research study by the Economist Intelligence Unit, completed on behalf of PricewaterhouseCoopers, found that a majority of directors and senior managers in the Australian corporate community are frustrated with the value and volume of information they have to deal with.

To address this concern, PwC have launched a thought leadership paper entitled "Bridging the risk and control information gap". Whilst reducing the cost and complexity of controls is the domain of management, we believe boards can play a vital role in improving the quality of controls information. This paper outlines five simple, yet complete, steps in order to do this.

  1. Be clear about what matters: Understand what risk and control information is important
  2. Choose relevant indicators: Know the right indicators, particularly early warning signs
  3. Cover the whole business: Design processes that cover the whole business
  4. More analysis, less data: Discover underlying sources of problems
  5. Seek assurance: Align audit areas to business needs and expectations.
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Bridging the risk and control information gap