Close
  • Latest News
  • Artificial Intelligence
  • Video
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
Read Down
Sign in
Close
Welcome!Log into your account
Forgot your password?
Read Down
Password recovery
Recover your password
Close
Search
Logo
Subscribe
Logo
  • Latest News
  • Artificial Intelligence
  • Video
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
More
    Subscribe
    Home Latest News
    • Small Business

    Risk Management Remains an Issue for Businesses: PwC

    Written by

    Nathan Eddy
    Published March 19, 2014
    Share
    Facebook
    Twitter
    Linkedin

      eWEEK content and product recommendations are editorially independent. We may make money when you click on links to our partners. Learn More.

      Internal business changes intended to address dynamic market shifts have created a more complex risk landscape for businesses around the globe, according to a PricewaterhouseCooper (PwC) survey.

      The report found that 84 percent of organizations surveyed said they plan to create a risk-aware culture, making risk management a priority for people at all levels of the organization.

      Results indicated improving competencies is an important step in closing capability gaps, with survey respondents making or planning to make broader changes in the next 18 months. However, concerns remain.

      For example, the survey suggested collaboration among the three lines of defense (business units, risk and compliance and internal audit) in identifying, monitoring and effectively managing critical risks is still not deep enough, with 60 percent of survey respondents concerned that a lack of collaboration could be exposing their company to capability gaps.

      “Executives are working to close the capability gaps they’ve identified, and agree that close collaboration between risk-related functions is vital to ensure a shared view of business risks across the enterprise,” Brian Schwartz, PwC’s U.S. risk assurance governance risk and compliance leader, said in a statement. “However, they may be missing a key issue – a sharp disconnect between top management and the risk and compliance functions. Not only are they disagreeing on the type and degree of key risks facing a company, but also about the organization’s capabilities.”

      PwC’s survey respondents reported being the most satisfied with their auditing non-financial performance (61 percent) and their risk identification, tracking and monitoring processes (60 percent).

      “Continuing business transformation and the capability gaps created by heightened external and internal change make it urgent that organizations improve their risk management maturity. Risk management is about sustainability; making sure the odds favor the company’s survival. This means continuing to look forward and becoming ever more sensitive to emerging and complex risks,” Simone said.

      More than eight in 10 (82 percent) of respondents said they plan to develop processes to identify and monitor risks, including non-traditional risks, 79 percent plan to conduct more non-financial audits to ensure that emerging threats like cyber-security are being addressed, and 79 percent plan to integrate risk and business strategies, ensuring that risk is factored into all strategic decisions.

      Becoming a “risk leader,” or a risk-mature firm, involves creating a risk-aware culture and improving risk processes and skills by upgrading and leveraging risk tools and systems.

      The report noted risk leaders have made significant progress in developing the capability to identify and track risks across the organization, conducting more non-financial audits and devoting more attention to monitoring emerging risks.

      According to PwC’s survey, risk leaders are 59 percent more likely than others to be improving analytic tools, building an integrated risk data warehouse (52 percent) and upgrading regulatory and tracking systems (44 percent).

      Nathan Eddy
      Nathan Eddy
      A graduate of Northwestern University's Medill School of Journalism, Nathan was perviously the editor of gaming industry newsletter FierceGameBiz and has written for various consumer and tech publications including Popular Mechanics, Popular Science, CRN, and The Times of London. Currently based in Berlin, he released his first documentary film, The Absent Column, in 2013.

      Get the Free Newsletter!

      Subscribe to Daily Tech Insider for top news, trends & analysis

      Get the Free Newsletter!

      Subscribe to Daily Tech Insider for top news, trends & analysis

      MOST POPULAR ARTICLES

      Artificial Intelligence

      9 Best AI 3D Generators You Need...

      Sam Rinko - June 25, 2024 0
      AI 3D Generators are powerful tools for many different industries. Discover the best AI 3D Generators, and learn which is best for your specific use case.
      Read more
      Cloud

      RingCentral Expands Its Collaboration Platform

      Zeus Kerravala - November 22, 2023 0
      RingCentral adds AI-enabled contact center and hybrid event products to its suite of collaboration services.
      Read more
      Artificial Intelligence

      8 Best AI Data Analytics Software &...

      Aminu Abdullahi - January 18, 2024 0
      Learn the top AI data analytics software to use. Compare AI data analytics solutions & features to make the best choice for your business.
      Read more
      Latest News

      Zeus Kerravala on Networking: Multicloud, 5G, and...

      James Maguire - December 16, 2022 0
      I spoke with Zeus Kerravala, industry analyst at ZK Research, about the rapid changes in enterprise networking, as tech advances and digital transformation prompt...
      Read more
      Video

      Datadog President Amit Agarwal on Trends in...

      James Maguire - November 11, 2022 0
      I spoke with Amit Agarwal, President of Datadog, about infrastructure observability, from current trends to key challenges to the future of this rapidly growing...
      Read more
      Logo

      eWeek has the latest technology news and analysis, buying guides, and product reviews for IT professionals and technology buyers. The site’s focus is on innovative solutions and covering in-depth technical content. eWeek stays on the cutting edge of technology news and IT trends through interviews and expert analysis. Gain insight from top innovators and thought leaders in the fields of IT, business, enterprise software, startups, and more.

      Facebook
      Linkedin
      RSS
      Twitter
      Youtube

      Advertisers

      Advertise with TechnologyAdvice on eWeek and our other IT-focused platforms.

      Advertise with Us

      Menu

      • About eWeek
      • Subscribe to our Newsletter
      • Latest News

      Our Brands

      • Privacy Policy
      • Terms
      • About
      • Contact
      • Advertise
      • Sitemap
      • California – Do Not Sell My Information

      Property of TechnologyAdvice.
      © 2024 TechnologyAdvice. All Rights Reserved

      Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.