In the face of an increasingly complex and uncertain commercial, regulatory and geopolitical environment, financial services organisations are looking to develop a more proactive, systematic and integrated approach to governance and risk management. However, governance, risk management and compliance (GRC) are still primarily seen as a regulatory obligation rather than a value driver.
Effective
enterprise-wide risk management can help to underpin sound governance and related compliance requirements by providing a comprehensive framework of internal controls and reporting procedures. The enterprise-wide approach focuses both on familiar financial risks and harder-to-measure strategic, operational and reputational risks. The results are enhanced stakeholder confidence and sustainable value creation. A global CEO survey carried out by PricewaterhouseCoopers in 2003 revealed that among companies where enterprise-wide risk management is a priority, with most including both quantifiable and hard-to-measure risks in their programmes, more than two-thirds believed that it had improved their ability to take appropriate risks to help create value.
How PwC is assisting financial services organisations
PricewaterhouseCoopers has a global network of specialists that can provide solutions to all matters related to risk management including policy and strategy,
risk-based capital management, benchmarking, systems selection and development,
enterprise-wide risk management and integrated governance, compliance and risk management solutions.
