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Latest insights - 4 items
The risk landscape is changing, as the variety, interconnectedness and velocity of risks have grown in recent years. What this means is that the impact of any one risk is no longer contained to a specific business unit, but rather has the potential to affect the entire organisation. As such, it is imperative that business leaders collaborate cross-functionally to adopt a panoramic view of risk.
Now is the time to prioritise building enterprise resilience. Through an effective enterprise risk management (ERM) programme, risk management is weaved into the fabric of your business, allowing your organisation to seize opportunities in the market.
How we can help you
- ERM maturity assessment
- Risk management governance review
- Risk appetite and key risk indicator (KRI) development
- Risk assessment
- ERM training
- Fraud risk management
- Risk culture
ERM maturity assessment
We conduct maturity assessments of your current risk management capability, providing you tailored recommendations in a defined implementation roadmap on how to take your ERM function to the next level. Our PwC methodology assesses your capability in line with leading standards and practices, including ISO 31000 and COSO ERM.
Risk management governance review
Regardless of where you are in your risk management journey, we can support you in setting up a new or improving your existing ERM function to meet your aspirations for risk management. As co-authors of the COSO ERM standard, we understand how to adapt ERM principles to suit your unique operating model and objectives. This entails the development of your ERM framework, including the ERM policy, procedures, governance, strategy and risk appetite.
Risk appetite and key risk indicator (KRI) development
We support organisations in developing their risk appetite for all categories of risk and in quantifying the risk appetite thresholds. We then help organisations monitor the movement of risks identified through developing KRIs.
Risk assessment
Our professionals are highly experienced in the risk management process, meaning we can implement your framework to help you, assess, treat and monitor your most important strategic risks across the enterprise. This typically involves the preparation of departmental and corporate risk registers, in addition to risk reporting and dashboards for management and boards.
ERM training
We will help you to skill up your current risk management staff/ risk champions through formal workshops, digital training modules and on-the-job training to ensure smooth running of the risk management department.
Fraud risk management
We help you deter, prevent and detect fraud through conducting a thorough assessment of your unique fraud risk profile and the development of a robust fraud risk management framework. Subsequently, we develop a tailored fraud deterrence, prevention and detection programme, including setting up and improving internal controls and whistleblower programmes that help you detect and manage fraud in a timely and effective manner. Finally, we help you recover from fraud so you can emerge more resilient than before.
Risk culture
The risk culture element and supporting guidance is designed to assist our clients in responding to a shift in expectations from employees and customers alike. PwC provides organisations with a heightened focus on executives and boards roles and responsibilities in defining, measuring and overseeing risk culture and behavioural risk.
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David Toh
Governance, Risk, Controls and Internal Audit Leader, PwC Singapore
Tel: +65 9186 3006
