How IT Departments Can Help Companies Manage Risk
Most chief compliance officers don't think they have enough budget or resources to protect their company from risk, and they could use additional tools from the IT organization to improve the situation, according to a recent survey from PwC. The resulting report, "Risk in Review: Going the Distance," distinguishes companies that are "high performers" in achieving optimal risk agility and risk resiliency. Organizations that are strong on risk agility are able to build flexible risk management frameworks that can anticipate and prepare for shifts that can bring long-term success. Companies that are effective on risk resiliency can mitigate risk events, while keeping business on track to meet strategic goals. Businesses that struggle in these areas generally do not use risk dashboards and visualizations to get a better sense of potential compliance issues. They also don't use data analytics to identify new opportunities. By addressing these and other success factors to overcome risk-related challenges, companies can expect higher revenue, while gaining a competitive edge in their industry. "Companies today that leverage risk management as both an offensive and defensive tactic are leading the way in maintaining long-term success," said Dean Simone, leader of the U.S. Risk Assurance practice at PwC. "Finding that right median will come differently to companies and industries across the board, but the key is to strike a balance that allows for growth at a comfortable pace, relevant to the risk appetite and tolerance levels set by management and accepted by the board." Nearly 1,680 CEOs, CIOs, risk and compliance officers, and other executives took part in the research.