To assist in their decision-making, the boards of banking and capital markets organisations are becoming ever more accustomed to using risk information and relying on input from risk professionals. Indeed, rather than stifling enterprise, effective risk management can provide organizations with the insights and confidence necessary to exploit valuable opportunities that may be missed or shunned by their competitors.
But even more is expected of risk management. Boards now want risk management teams to look beyond familiar financial risks to address harder to quantify—though no less perilous—operational, reputational and related strategic risks. They also want risk teams to be more proactive in anticipating and responding to emerging threats.
Meeting these challenges could prove particularly difficult at a time when risk management teams are being called upon to preside over an increasingly elaborate compliance infrastructure in areas ranging from Basel II to Sarbanes-Oxley. Such demands are making it ever more difficult to get on with the ‘day job’.
PwC has a global network of specialists providing advisory services covering all aspects of risk management including policy and strategy, risk-based regulation, benchmarking, systems selection and development, enterprise-wide risk management and integrated governance, compliance and risk management solutions.