Mastering risk can turn potential threats into a powerful business advantage by building confidence within your organisation and strengthening trust within society.
At PwC, we help clients shift from value protectors to value creators, driving transformation and growth, while staying resilient, preparing for new regulation and dealing with the unexpected.
Our dedicated team of risk assurance experts forms part of a global network of more than 12,000 professionals, who bring together cross-functional expertise and cutting-edge analytics to provide instant visibility into risks. Your business can quickly grasp the implications of the risks you face, act on them and turn the next threat into an opportunity.
As companies pivot more toward digital business models, ever more data is generated and shared within and across organisations, partners and customers.
This profusion of data has become the lifeblood of today’s interconnected business ecosystem and is increasingly valuable to organisations – and to skilled threat actors. Accelerating digitisation can also expose your business to new and growing vulnerabilities, making an effective approach to cyber security and privacy more important than ever.
Our cyber security team can help you to build the defence, detection and incident response and recovery capabilities needed to operate with confidence in a digital world. As regulation and consumer awareness increases, we can also help you safeguard data protection and privacy. Further services including advising on the cyber implications of strategic developments such as deals.
Digital transformation creates new and amplified risks, many of which stem from human intention or behaviour. PwC’s Digital Risk Solutions helps organizations understand how human interactions manifest in digital outcomes, identify potential threats and better predict risk.
We provide leading-edge systems, software, data analytics, automation and controls expertise to help organizations gain a higher return on investment from enterprise technologies through risk mitigation, streamlined processes and new cross-platform systems interaction. With actionable insights and a comprehensive view of risks, organizations can stay ahead of threats and build confidence and trust in the business at scale.
We’re here to help you develop effective internal audit and risk management functions. We can also improve your ability to anticipate the risks and risk interdependencies that can threaten your business and undermine growth.
Our support is built around a clear understanding of the interconnections between the ‘lines of defence’ and how to optimise them. As a result, we can help you to turn each function – internal audit, risk management, compliance and controls testing and monitoring – into a strategic asset and performance driver.
Our global network of 800 professionals with specialised and global expertise can give you the agility you need to keep pace with a quickly changing business environment.
We can help you to build trust and transparency across your third-party relationships.
Companies increasingly depend on third-party service providers to host or manage financial and non-financial information. The competitive benefits include access to specialised skills and solutions.
However, third-party services also bring the challenges of data security and proliferating regulatory and compliance requirements.
Your management, board and shareholders demand confidence in the controls and compliance capabilities of suppliers, vendors and service organisations. Service organisations must demonstrate that they have proper internal controls in place when they host or process your data.
Your business is continually searching for new growth opportunities in global markets. But with this world of opportunity comes uncertainty. An increasingly complex network of third-party relationships creates the potential for reputational and regulatory risk. Do you really know who you’re doing business with?
We can help you to understand and mitigate the risks of working with third-parties and choose business partners that enhance your brand. Our use of innovative technology, research and analytical techniques can give you the confidence that your third-party network meets your own high standards of integrity, and that the risks of financial and reputational damage are tightly controlled.
Third-party relationships – with suppliers, distributors, intermediaries, logistics providers and customers – are now part of the fabric of a successful global business. But regulators are watching.
Your business needs to comply with a swathe of regulations ranging from the UK Bribery Act and US Foreign Corrupt Practices Act to anti-money laundering and sanctions screening requirements. In turn, failure to comply with the European Banking Authority (EBA) Guidelines on Outsourcing Arrangements and the JFSC Outsourcing Policy and Guidance Notes could expose your business to regulatory sanction and significant remediation costs. The risks not only stem from your own actions, but also those of the third-parties you deal with.
To get on top of the risks, it’s important to understand who is working on your behalf, how and the potential vulnerabilities this opens up. There are likely to be multiple arrangements in place, which may include sub-contractors working with your third-party providers without your knowledge. Key questions include how effective are your partners’ controls and how can you gain confidence in them?
Whether you need us for a standalone project or for high-volume third party reviews, we can help you verify the information you hold, and find the information you don’t.
Advisory Senior Manager, PwC Channel Islands
Tel: +44 7797 776404