Think together, move together: Collaborating for deeper risk insight to protect, enable and enhance your organization’s value for tomorrow
PwC’s 2020 Global Risk Study surfaced a growing imperative for better collaboration between risk functions (risk management, compliance, internal audit and other risk functions). As organizations embrace the fourth industrial revolution (4IR), risk functions need to be active participants, helping to achieve and protect the value envisioned. Risks are becoming increasingly complex—and interconnected—and without close risk function collaboration, blind spots to risk will inevitably result for key stakeholders throughout an enterprise, and impact strategic, financial and operational initiatives.
What happens when organizations are moving and connecting faster than the risk functions chartered with providing the risk insight needed to protect, enable and enhance their value? What happens when the business units are using data and technology more effectively than the risk functions are?
Can your organization successfully embrace 4IR technologies?
Can your organization move confidently into third-party relationships without exposure to fraud, illicit activity or risk to information privacy and security?
Can your organization build the operational resilience it needs to thwart the impact of threats?
The overwhelming theme emerging from the more than 120 board member and executive interviews PwC conducted in this year’s study was the need for risk functions to collaborate to produce more comprehensive risk visibility and greater understanding of risk inter-relationships.
The opportunity—and urgency—for risk functions to collaborate are in front of us. And the result will be more-comprehensive and more-predictive risk insight that will help organizations protect and generate value.
From setting the tone, to laying a common foundation, to optimizing each function, risk functions must take action to move along the collaboration journey to yield higher levels of risk insight and more-strategic assurance for stakeholders as the 4IR unfolds.
“Pfizer’s multi-year effort to implement enterprise systems and adopt leading digital technologies has enabled Corporate Audit to leverage predictive analytics in a way that improves our ability to target high risk transactions, increases our use of remote audit procedures, supports our continuous audit approach and improves our overall efficiency.”
Jennifer Damico, Senior Vice President, Corporate Audit, Pfizer, Inc.
Risk Assurance Leader, PwC US