In recent times there has been a paradigm shift in many economies in the way corporate governance, compliance and business ethics are approached. It is a shift that continues to be driven by demanding performance expectations, increasing stakeholder demands and growing public scrutiny after some spectacular failures around the globe.
Potentially, this is a highly positive development. An investment environment places a premium on performing businesses that are well-managed, conferring a competitive advantage on businesses that create and maintain a culture of ""integrity-driven performance"". However, managing the shift to this new level is not simple. It presents serious challenges for business, as well as for governments, regulators, investors and other stakeholders.
New levels of accountability, which come from new laws and regulations and expectations of a broader stakeholder group, have elevated the concerns at Board level to ensure effective utilization of compliance tools. There is also an increased awareness that this needs to be supported with right attitudes and behaviours, so that people can act in a manner that protects reputation of the organsation.
In this environment of rapid change and ever increasing demands, the management often finds it difficult to fully comprehend the total cost of compliance. It sees the potential for cost escalation without the organisation realising the full benefit of such investment. In addition, there is a need to provide more relevant and timely information in the public arena. This has heightened the focus on transparency, as well as on increased need to provide accurate and periodic reporting of issues/events and certifications.
A New Vision of Governance, Risk & Compliance:
For most organisations, the management and Board of Directors have viewed governance, risk management and compliance as discrete activities, generally functioning in separate departments.
As stakeholder demand for increased integrity climbed significantly over the past few years, companies began to feel the impact of these ""communication gaps"" bearing down sharply on the value of their businesses. A wave of corporate scandals have shaken investor confidence and depressed public trust in major markets around the globe.
With new pressures, new definitions, requirements, managers are forced to rethink the roles, responsibilities and relationships of these discrete activities. Amidst this dynamic and uncertain paradigm, PricewaterhouseCoopers puts forth the conceptual approach of ""integrity-driven performance"".
PwC’s Governance, Risk & Compliance Practice:
PwC's Governance, Risk & Compliance (GRC) Practice comprises professionals who provide comprehensive advisory services and understand how to help clients enhance the value and risk management benefits.
The team's multidisciplinary expertise helps clients address the full range of enterprise governance, risk and compliance needs. The subject matter experts include specialists in specific regulatory compliance areas, as well as specialists in governance, ethics, risk and compliance program design and implementation, change management and learning, performance measurement and monitoring, incident management and remediation, and communication and reporting.
The practitioners understand the costs and benefits of GRC and how technology can play a critical role in helping our clients achieve effective and efficient control, oversight and performance. PwC understands that every organisation is unique and that GRC needs to be custom tailored to meet a client's unique and specific needs.
How PwC can help you:
PwC's Governance, Risk & Compliance Practice is dedicated to helping clients achieve integrity-driven performance. With the aid of Governance, Risk & Compliance Operating Model, it assists clients in creating a framework to effectively manage key governance, risk and compliance (GRC) activities. The GRC specialists have expertise in the following areas: business culture and learning, performance and value management, technology; all of which come together to help clients envision, improve, operate and sustain a fundamental culture of business integrity.
Here are some examples of governance and compliance challenges PwC assists its clients with:
Here are some examples of governance and compliance challenges we assist our clients with:
- Need to comply with Sarbanes-Oxley 404 requirements
- Need to comply with Clause 49 requirements
- Need to advise Board and management on performance and accountability
- Need to embed governance into the organisation
- Need to reduce failure incidents
- Need to identify and address complaints and breaches of legislation and internal processes
- Need to achieve greater value for compliance spend
- Need to improve stakeholder and regulator relationships and communication Services
Our Services:
- Assessments & Diagnostics
- GRC Integrated Program Development
- Process improvement
- Risk Management
- Sarbanes Oxley and Clause 49 Advisory
- Performance Measurement & Balanced Scorecard
- Change Management & Training
- Cost and Value Analysis
- Investigations & Remediation
