In this episode, Mike Maali joins Brian Schwartz to discuss the results, implications and opportunities from PwC's 2020 Global Risk Study, in which a major theme uncovered was the need for better risk function collaboration as risks become more complex and interconnected.
We discuss the following questions:
1:08 - Why is collaboration becoming such an imperative for risk functions today?
3:17 - What can happen if risk functions do not collaborate?
5:15 - Where are most risk functions on collaboration journey today?
7:02 - Why is it difficult to break down the silos between risk functions to get on their journey?
10:18 - What are some of the tangible benefits when risk functions are collaborating?
11:44 - What pragmatic actions should companies take to increase risk function collaboration?
Brian Schwartz is a Partner in PwC's Risk Assurance Practice and the primary author of the Global Risk Study. With over 30 years of experience, Brian has a diverse background with deep risk management and internal audit experiences and capabilities, including consulting and corporate leadership roles as Chief Audit Executive, Compliance Officer and member of Risk Oversight Committee. Brian has worked with companies across sectors. He has a proven track record of helping companies think through emerging and future risks and providing with the right, tailored solutions to address those risks and concerns.
Mike Maali leads PwC’s Internal Audit, Compliance & Risk Management Solutions Practice. For nearly 30 years, Mike has delivered a range of risk management, external audit and internal audit services to leading global and national organizations. His expertise includes implementing and optimizing enterprise-wide risk management programs and systems, and performing risk assessments, translating the results into efficient, risk-based plans for internal audit, risk and compliance functions. He has advised clients on how to stand up their internal audit, risk management and compliance functions, and how to transform existing functions to be strategically aligned with the business and other risk prevention lines of defense. He also offers best practices to embed data analytics and advanced technology into all components of risk management and control, and leverages PwC’s deep industry and technical capabilities for enhanced insights in the planning, execution and reporting of internal audit projects, risk management programs and compliance testing solutions.