US, Asia-Pacific, & Americas Cluster Risk Assurance Leader
As leader of PwC’s Risk Assurance practice, it gives me great pleasure to share with you the latest issue of Risk Assurance Market Insights, a quarterly update designed to give business leaders our viewpoint on today’s top-of-mind business risks.
Each quarter, myself and our key partners will share our perspective and provide insights on the most consequential issues in today’s fast shifting risk climate. We’ll take the long view: tackling risks from a holistic perspective and helping you discover how they’ll impact your business strategies and operations — today, tomorrow, and beyond.
In this issue we’re focusing on our recently released fifth annual Risk in review study. This year’s edition examines the viewpoints of nearly 1,700 executives from more than 23 industries globally on the connection between risk agility and risk resiliency.
Our Risk Assurance leaders have provided viewpoints on various facets of these issues, discussing effective risk management strategies that can help your business maneuver more effectively. Topics include:
We would also like to invite you to participate in the Risk in review study by using our Risk in review 2016 benchmarking tool. After answering just a few questions, you’ll be emailed a custom PDF report that analyzes how your responses compare to a set of your peers by region, industry, and role. Your custom report also provides PwC analysis and charts that offer insights into how your company stacks up on risk agility and risk resiliency.
Stakeholders demand that companies grow – but at the same time, they expect growth to be managed to make sure the brand is not tarnished. That means enabling value as well as protecting value, which comes down to striking the appropriate balance between what we call risk agility and risk resiliency. Ultimately, it’s about leveraging risk management as an offensive catalyst and a defensive tactic at the same time.
By Jason Pett
When it comes to risk alignment, it’s not just about agreeing on a risk strategy -- it’s about the execution of that strategy. The high performing companies in our latest 2016 Risk in review: Going the distance study demonstrate both risk agility and risk resiliency, realizing how critical it is to understand their strategy from the earliest development phase, moving from enterprise risk management to strategically aligned risk management.
Many companies are rapidly using digital technology to boldly grow their businesses and revenue without thinking broadly about how to sustain operations if networks become compromised. There is, however, a better way: Organizations can stay fast, graceful and successful in the marketplace while also developing the toughness needed to weather cyber attacks. In other words, why settle for being a cheetah in the digital ecosystem when you can be a lion?
By Todd Bialick
Success in today’s digital age demands that companies adapt to remain competitive, that they redefine and expand their core competencies. In fact, 83% of companies in PwC’s 2016 Risk in review: Going the distance study told us they have either completed or are going through a business transformation – up from 75% the year before. But no matter how big or diversified, it is impossible for any single company to be an expert at everything – and that’s where partnerships come in.
Many companies operate under the assumption that their data must be completely under control before they can use it to make strategic decisions. While it’s easy to fall into that line of thinking, it’s simply not true. Very few companies can claim to have a complete enterprise-wide view of their data. However, in our 2016 Risk in review: Going the distance study, we found that high-performing companies – those that are both risk agile and risk resilient – are able to use imperfect data to improve risk resiliency, identify new business opportunities and gain an edge on their competitors.