Simply put, risk assurance involves identifying, understanding and managing risk and discovering where those risk mitigation strategies can be converted into business opportunities.
It's a matter of perspective. While many companies consider the process of risk management unpleasant and cumbersome, others perceive taking some amount of calculated risk as an opportunity to gain a competitive advantage. But in a time when the velocity of change is increasing your risks, those capable of turning risk into opportunity are far more likely to survive and thrive.
The business environment is rife with risk, from disruptive events and technological advancements to regulation and financial concerns such as fraud and waste. The challenge lies in staying ahead of those risks and preparing accordingly. With the proper procedures and systems in place, you can identify threats, avoid surprises and manage risk effectively—to not only survive in disruption but thrive.
- Jennifer Johnson, National Risk Assurance Leader at PwC Canada
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