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Governance, Risk and Compliance Technology

Revolutionise your GRC conversations and accelerate the digital transformation of your internal audit, risk management and compliance functions.  

Companies are facing unprecedented business and regulatory disruption. It’s challenging the way organisations deliver GRC activities and has introduced new pressures on the digital infrastructure supporting them. Now, more than ever, our clients are seeking better models to digitise their functions, reduce costs and add value to the business.  

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What are some of the top-of-mind Governance, Risk & Compliance challenges you are facing today?

Are you leveraging the right digital tools for your GRC processes in light of accelerated transformation needs caused by COVID-19?

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How are you staying ahead of fraud risk? How can you continuously monitor your key risks in real-time?

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Is your organisation challenged with high costs and process inefficiencies?

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1. eGRC: Selecting the right GRC Technology and maintaining a sustainable operating model

What is the eGRC Tool?

The increased rigour and demands of the regulatory environment require you to optimise risk management and compliance processes and control the costs of compliance to improve efficiencies. To support this, businesses need to identify the right Governance, Risk, and Compliance technology tool(s) for process efficiency, improved data management and reporting. The success of your GRC program is incumbent upon:

  • Selecting the right technology
  • Implementing the selected tools
  • Maintaining a sustainable operating model

PwC’s eGRC team helps deliver these factors of success and more. It performs an initial assessment of the tools and technology needed, and assists with implementation to facilitate effective GRC activities. Coupled with our advisory and expertise, we help organisations promote the consolidation, coordination and reporting of the GRC activities throughout your organisation.

Client challenges

  • Three lines of defence are fragmented across the enterprise 
  • Lack of integrated risk management 
  • Digital transformation is driving innovation and automation in risk and compliance 
  • Lack of a common risk language 
  • Need for better board reporting on risk and controls 
  • Too many GRC tools exist in silos and not being fully leveraged 
  • Cost of compliance is too high 
  • Issues management is out of control 

How we can help you on your eGRC journey

Benefit to our clients:

  • Drives integrated risk management 
  • Further automates manual processes 
  • Consistency in risk management activities
  • Efficiency gains across the enterprise 
  • Drives a single source of truth for all GRC activities.

2. Continuous Monitoring Platform: Navigating the complex post COVID-19 environment by real-time risk monitoring

Do you have a firm grip over your risks at all levels? Here is how the Continuous Monitoring Platform will help.

Organisational functions such as Finance and Risk & Compliance, are under pressure following increasing compliance and documentation requirements. They aim to add more value to their organisations by shifting their focus to improving existing processes and insights into risk areas - and this is exactly what the Continuous Monitoring Platform enables organisations to do.

How does the Continuous Monitoring Platform work?

  • The Continuous Monitoring Platform automatically analyses processes, transaction and master data, allowing for real-time insights in the organisational control.
  • Customised dashboards highlight the exceptions to the standard and thus enable swift and thorough action. 
  • Exceptions will be handled by the business responsible via customised workflows, making compliance part of the day-to-day business.

Continuous Monitoring Platform empowers organisations to:

  • meet compliance and documentation requirements easily, allowing responsible departments to focus on generating real value for the organisation;
  • increase the quality of their controls. The Continuous Monitoring Platform does not rely on samples, but analyses the full data populations. Exceptions can be identified in real-time and be dealt with in a swift and effective manner (instead of the current practice of corrective actions that take weeks or months after the actual exception has occurred);
  • have better risk control as real-time insights are available;
  • leverage the information generated by the Continuous Monitoring Platform to external stakeholders or auditors. This information can be used, for example, in processes around certifications (e.g. SOC1, ISO 270010) as well as internal and external auditing.
  • identify and detect fraud risk early

3. Process Mining: Achieving end-to-end process efficiency and transparency

Are your business processes a black box? Here is how process mining demystifies your processes and helps you steer towards operational excellence

In a business world ruled by new technologies, automation initiatives and other digital innovations, many companies are struggling to turn their business processes (‘processes’) into an enabler for operational excellence. As processes are often considered a ‘black box’, how can you effectively manage them? 

As a proponent of guiding clients from Strategy through Execution, PwC understands the importance of effective and efficient processes. Process excellence allows companies to effectively bring the value their customers, shareholders and society are looking for. 

An emerging and new-age technique, Process mining:

  • Represents a powerful way of visualising the actual process flows based on data, therefore providing an objective view of a process: no more subjective perceptions by process owners on how the process should flow. No more consultants conducting a series of workshops to understand the ‘as-is’ process – just an objective view based on data.
  • Monitors the actual performance of processes will companies see to what extent the process execution deviates from the expected path. Without this insight at hand, companies don’t know, or worse, don’t realise the elevated number of process variations the moment strategic decisions are due. Unfortunately, triggered by the complexity of current processes, the way they are executed varies more than companies would like or expect. 
  • Helps uncover process insights for organisations in various industries and different scales. Based on our experience, for the vast majority of clients, the high number of process variations and deviations from the expected path greatly exceeded management’s expectations.

PwC Singapore: The trusted partner in helping organisations in transforming their risk and compliance journey.

  1. Consistency in Risk Management: We provide consistency in risk management activities via a single source of truth for all GRC activities which is a approach with predefined tools and templates
  2. Integrated Risk Management: We drive integrated risk management based on our significant insights into industry-leading practices, challenges, and enablers
  3. Real-time Risk Monitoring: We offer continuous, real-time monitoring with CMP of the business and fraud risks. We improve the enterprise’s ability to analyse trends and identify outliers.
  4. Process Transparency: Holistic and continuous process transparency which increase process efficiency by reducing process costs. Investigation of automation potentials for reduction of rework activities. 
  5. Produce efficiency gains: Based on our experience working with various GRC tool vendors, we automate manual processes to produce efficiency gains across the enterprise

Contact us

Francis Wan

Francis Wan

Partner, PwC Singapore

Tel: +65 9677 7219

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