PwC and ICEAC host training seminar on Enterprise Risk Management

… shares insights on how businesses can increase success through better risk management practices

St George’s, Grenada 26 April 2018 – PwC argues that developing and integrating a robust Enterprise Risk Management (ERM) framework will lead to cost savings, more efficient allocation of resources and reduction in reputation risk exposures.

Bruce Scott, Risk Assurance Leader for PwC in the Caribbean says, “Companies that equip their line managers (i.e. the first line of defense) and staff with the tools and techniques to identify, assess and respond to risks in a proactive manner, will have a competitive edge. We know that major risk exposures are rarely confined to discrete areas in an organisation, but rather, can have a domino effect across the organisation. It is for this reason that PwC has developed a holistic approach to risk management to help protect businesses, facilitating strategic decision making and enhancing efficiency.  Our teams have extensive experience having already worked with public and private sector clients of all sizes to understand and address an extensive range of strategic and operational risks”.

Mr. Scott was speaking recently at a training event hosted by PwC and the Grenada branch of the Institute of Chartered Accountants of the Eastern Caribbean (ICAEC) in St George’s, Grenada. The training seminar was intended to equip participants with the knowledge and tools to discharge their risk management responsibilities. Mr. Scott also highlighted the importance and roles of the Three Lines of Defense in a business.

The three lines of defense are:

• First line of defense (line managers) is responsible for day-to-day  execution and management of risk and controls;
• Second line of defense provides support to the first line of defense and includes functions like risk management, quality and compliance; and
• Third line of defense is internal audit, which is responsible for independently testing that the company’s risks are being mitigated. The third line may also include external auditors and regulators.