‘Risks are becoming more imminent’ - this was the warning set out in the Global Risk Report 2016 issued by the World Economic Forum. Existential threats confronting companies today are multiplying: new competitors, regulatory complexity, supply chain fragility and cyber-threats are to name a few.
PwC’s Enterprise Risk Management or ERM practice helps Boards, leadership teams and senior management in developing and deploying risk management programs equipped for handling business disruptions. ERM helps organisations manage risk from developing corporate strategy to aligning organisational culture to efficient execution. ERM provides tools and templates that can be applied consistently across the enterprise to enables a portfolio view of risks including their interdependence.
PwC globally has served as the principal authors of the COSO ERM Integrated Framework in 2004, which became the leading framework for delivering ERM. And now, PwC is leading the development of COSO’s revision in 2016: ERM Enterprise Risk Management – Aligning Risk with Strategy and Performance.
How PwC can help you
ERM Framework Design
We customise our in-house risk management maturity framework to your requirements based on industry regulations. We then measure your risk management program against this benchmarked framework. This framework is aligned to your governance obligations, thereby facilitating your company to demonstrate its ability in meeting regulatory obligations related to ERM.
ERM Maturity Assessment
Using the deployed ERM framework, we assess your organisation’s current risk management program and develop tactical, practical and aspirational goals that your management can consider for improvement. We then organise the recommendations based on impact and level of effort and develop a recommended risk management program road map. The assessments can be performed by using our standard or industry standard frameworks (ISO or COSO) and can also be used as a health check for your existing ERM program.
ERM Automation
We can assist you in automating your ERM program in the following manner:
- Assessing the current risk management requirements and technology architecture to provide recommendations on ERM tools (RFP preparation, vendor evaluation and selection, ERM tool evaluation and selection).
- Program management for implementation of your ERM tool.
- Automating your ERM process with the proprietary ERM tool.
Managed Risk Services
Our dedicated Centre of Excellence for risk management helps clients in tracking risks and performing predictive analysis. We offer the following services:
- Ongoing ERM program implementation
- Reporting and Monitoring Metrics
- Market risk intelligence desk
- Real time monitoring of risks enabled through our PwC ERM tool
Risk Culture and Risk based Business Strategy Planning
For shaping your business strategy in uncertain macro-economic environments, we assist you in creating a robust risk culture and establishing a risk based decision making framework. This includes:
- Assessing the effectiveness of your company’s enterprise-wide risk management culture and identifying opportunities for changes through education/ trainings
- Define risk based decision making framework and review the business/ strategy plan to identify risks and develop measures to manage them
Disruption Risk Management
Companies face challenges in spotting and identifying disruptions in the horizon, we can help you by assessing the current preparedness to deal with disruptions and design a disruption risk management plan. This includes:
Preparing a growth strategy under disruptive risks conditions: identification of potential disruptions in the horizon which need periodic monitoring, assessment of the pace of disruption, assessment of disruptor’s strength, identification of your organisation’s competitive advantages, evaluation of barriers to disruption and finally developing response strategies in line with criticality, nature and pace of disruption.
