In an expanding risk landscape Internal Audit has emerged as a critical lever for change. Now, more than ever, it needs to rise to the challenge and demonstrate its value. At PwC, we are driving Internal Audit innovation merging the skills of our people with a robust, leading edge Internal Audit approach and state-of-the-art technology. The result is The PwC Internal Audit. Relevant, aligned and agile, it delivers insight and quality in equal measure and to the highest standard, helping you build the confidence to move faster and act decisively.
We tailor our solutions to match the individual business needs of our clients. We help you look deeper and see further considering areas like your organisation’s culture and behaviours to help you improve and embed control. In short, we make sure every hour we spend working with you is impactful, addresses the right risks and seeks to add maximum value to your organisation.
Risk resiliency + risk agility = enduring success
We live in turbulent times. Companies across industries have faced an unprecedented confluence of risks. It's no wonder that in PwC’s 19th Annual Global CEO study, 66% of CEOs saw more threats to their business than opportunities. To remain competitive, companies must pursue two parallel strategies:
This connection between risk resiliency and risk agility is at the heart of this year’s Risk in Review: Going the distance study. As our study shows, today’s most forward-looking companies have both the solid infrastructure and processes to help them weather any storm, as well as the flexibility to move quickly to meet new opportunitie
Freedom from scrutiny
It may seem like a paradox, but if you sort it out and do it well, a good regulatory response buys you a lot of freedom, allowing you to invest in your business with less scrutiny. Being seen as a regulatory high performer is a great way to be viewed by your regulator.
It's easy for you to feel overwhelmed by the sheer volume and complexity of regulation. This is made worse by an environment that can be multiregulator and multi-jurisdiction, where non-compliance varies in impact and the regulatory landscape is constantly evolving.
Faced with this deluge of regulation, how do you stay on top of it? Interpreting regulation and finding the right balance between responding to it and delivering 'business as usual' can be a struggle. You need to find a way to navigate regulation.
Regulatory good citizenship
Leading organisations that are regarded as 'regulatory good citizens' are those that embrace regulation, recognising that it drives resilience, good practice, control, competition, governance and performance. It's important to ensure that regulatory good citizenship underpins your broader business goals.
Introducing our framework for risk, control and assurance
The world of risk is changing. Challenging economic times, volatile world events and fast-changing technology are leaving organisations more vulnerable than ever. It’s much harder to predict where new risks will come from. But, businesses are adapting and so have we, supporting you in future-proofing your business to become risk resilient and risk ready.
Many organisations have elements of governance, risk and compliance (GRC) processes in place to manage risk. But, they are often not as robust as they need to be or they are more focused on yesterday’s risks rather than being forward looking. We’re taking a broader perspective based on the view that boards need to start taking a holistic approach to risk, moving from being reactive and compliance-driven to being proactive, seeing it as a strategic driver of performance
Global Governance Risk Compliance (GRC) and Internal Audit Leader, PwC Australia
Tel: +61 2 8266 3275