'Get it right, be convincing and do it fast’: PwC’s Risk Proof upends risk assessments

TBR Special Report - When PwC US Chairman Tim Ryan described trust within the firm’s recently unveiled “The New Equation,” he discussed a variety of business issues, including data, compliance, and environmental commitments, that increasingly challenge PwC’s clients and that “all come back to trust.”

The New Equation focuses on two interconnected needs that clients face in a world of technological disruption, fractured geopolitics, climate change and the enduring impacts of the COVID-19 pandemic. The first is to build trust and the second is to deliver sustained outcomes. The successful organisations of the future will be the ones that create a virtuous circle between the two.

In a special report, TBR highlights the importance PwC places on trust, highlighted as part of the firm’s US Analyst Day earlier this month, loudly echoing what TBR heard from the firm’s Financial Crimes team earlier this year during a briefing on the firm’s Risk Proof product offering. Jeff Lavine, PwC’s Global Financial Crimes leader, told TBR in May that PwC’s Cyber, Risk & Regulatory practice helps clients quantify and measure risk; tell their boards, investors and regulators a convincing and compelling story; and move clients from checking the risk box to administering meaningful control over their enterprise’s risks. That extension of trust — from PwC, fully through the client and into the client’s ecosystem — perfectly syncs with the firm’s New Equation.

The report mentions that, ‘Risk Proof, PwC’s platform approach to risk assessment, helps clients perform three basic but essential actions: quantify and measure risk; tell a more robust story to boards, investors, employees and clients; and transition from taking an administrative and reactive risk posture to exercising meaningful risk controls.’

It goes on to say that, ‘In TBR’s view, changing attitudes toward anti-money laundering, PwC’s emphasis on trust, and PwC’s successful launch of PwC Products combine to give Risk Proof a solid foundation.’

Vikas Agarwal, Partner, Risk Products and Financial Crimes Leader, PwC US, said: 'Our clients need tools to help them assess risk, especially in areas like Cyber, Privacy and Financial Crime. Increasingly this is an expectation of their regulators. PwC's risk products are enabling clients to take a human-led and tech-powered approach to monitoring, identifying, and remediating risk so that they can build and maintain trust with external and internal stakeholders.’

Click here to read the report

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