Increasingly complex business, regulatory and political environments, along with the fast pace of globalisation, have raised the level of focus on Governance, Risk and Compliance. Regulators expect corporate risk infrastructure to be commensurate with the scale and complexity of business activities. Investors are less tolerant of surprises and demand more corporate accountability and risk management. Board members too insist on higher levels of accountability from management. vendors, customers and other stakeholders require increasing levels of quality and reliability.
Companies that are unable to adequately manage risk may face strategic and financial consequences. These include financial losses and/or damaged reputation; regulatory/legal noncompliance resulting in damaged reputation/costs; regulatory enforcement actions which limit acquisition/strategic plans; depressed market value and share price; and loss of customer base.
Our chemicals industry teams work to help clients deal with the complex governance risk and compliance agenda. PwC has developed a risk management framework that incorporates leading practices and enabling foundational elements. We can advise on: