Risk Assurance

Managing risk effectively

Making risk work for your business and how to stay in control

Today's business environment is different. More complex. More connected. Companies face new and unknown risks, but also new and untapped opportunities. Risk Assurance covers a wide variety of topics, all centered around understanding, managing and monitoring exposure to risk to drive enhanced business performance.

It is at the forefront of this change, ready to transform how you perceive - and capitalise on - risk. Don’t be afraid to take bold decisions - but make them knowing the risks with an informed view on how you will respond to them and what impact they might have.

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Managing risk from the front line: Why this can be key to

PwC's Jason Pett - US Internal Audit, Compliance & Risk Management Solutions Leader, and Brian Schwartz- US Internal Audit, Compliance and Risk Management - Financial Services Leader, share top takeaways from PwC's 2017 Risk in review study.

Potential challenges

Internal audit

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. 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.

Third party assurance

Today’s organisations operate in a highly demanding, interconnected world. Increasing levels of outsourcing, lengthy supply chains and complex operations together with an increasing demand for ever more varied non-financial information to be presented to clients, customers and regulators all serve to create myriad risks. As the need to do the right things – and to be seen to be doing it – becomes a business imperative to survive and thrive, all organisations need to ensure that they take a proactive approach to understanding, managing and presenting their business to secure their reputation and maintain trust more effectively.

Cyber risk

The pace of technology growth we have experienced in even the last decade has been staggering. This has created a whole host of new opportunities and improvements to our home and work lives - but has also raised some new threats which didn't exist or weren't as prevalent in the past. Did you think 20 years ago you were going to have your computer data held to ransom by an unknown attacker? Understanding your cyber risk profile in this new Digital era is something which can be very costly - financially, operationally, and reputationally - if left to its own devices. Taking control of this risk means understanding it and setting your risk appetite - which risks can you live with, and which can't you?

Find out more about how we can help with cyber risk and response


The pace of technology growth we have experienced in even the last decade has been staggering. This has created a whole host of new opportunities and improvements to our home and work lives - and the explosion of data is revolutionising businesses. Organisations of every type are now expecting their business decisions to be based upon robust data analytics to support intuition and experience. Data-led insight can add business value to every part of the value chain and every area of business decision-making. However, diving in without knowing what you are dealing with is a recipe for disaster. How do you ensure your processes are adequate and you get the best value from your investments?

Find out more about how we can help with data assurance

How can we help?

Our Risk Assurance team can support you by:

  • Supporting your internal audit (IA) function by: 
    • developing your internal audit methodology
    • completing internal audit assignments 
    • reviewing internal audit assignments 
    • providing additional resource in times of need
  • Understanding and assessing your exposure to third party risks
  • Performing third party assurance reporting on controls (such as ISAE 3402, SOC2 and ISO)
  • Supporting you in setting up or reviewing your enterprise risk management function

PwC's 2017 State of Internal Audit Survey

Our global 2017 State of the Internal Audit profession study shows that internal audit functions are losing ground in trying to keep pace with stakeholder expectations. Stakeholders, however, remain committed to wanting Internal Audit to play a greater, value-added role in the organisation. As the companies they serve are facing unprecedented disruption and change, in order to remain relevant and to help the business anticipate and respond quickly to disruptive events, Internal Audit needs to aggressively prepare and adapt.

An internal audit function with strong capabilities and effective leadership can progress a long way toward becoming a highly valued, trusted advisor to stakeholders.

Contact us

Nick Halsall

Nick Halsall

Territory Senior Partner, Advisory Leader, PwC Isle of Man

Tel: +44 (0) 1624 689680

Ferran Munoz-Lopez

Ferran Munoz-Lopez

Partner, PwC Isle of Man

Tel: +44 (0) 1624 689687