Risk-Management : Technology : Business Transformation :
PwC US Launches Performance Governance, Risk and Compliance Practice
Transformational offering takes GRC programs from reaction to prevention to performance
Leader, Risk Assurance Practice
PwC US announced today that its Risk Assurance practice launched the Performance Governance, Risk and Compliance (GRC) offering that provides organizations with innovative solutions to unite value protection and value creation, and to reduce risk and support growth. In an increasingly complex and volatile business environment, companies cannot afford to be out of compliance or ignore any potential risks. Organizations are best served by holistic alignment of various risk management functions with performance drivers. PwC’s Performance GRC practice helps businesses achieve meaningful change, reduce costs and have an early effective warning system.
“Businesses recognize the need for change to address a marketplace challenged with new regulations and the cost of compliance and controls. Our new Performance GRC practice addresses the multidirectional business, technical and regulatory changes impacting organizations today,” said Dean Simone, leader of PwC’s US Risk Assurance practice. “At PwC, we take a broader view of key business risks, and find solutions with the greatest impact to meet our clients’ needs. We’re bringing together our top resources through a streamlined platform that helps companies break down operating siloes, share important data, coordinate risk assessment and support productivity. Our latest offering is part of our ongoing commitment to invest in resources and talent in supporting our client needs to help mitigate risks and drive their business strategies,” Simone added.
The Performance GRC practice is transforming GRC from a necessary cost into an engine that drives company performance. With this new offering, PwC has consolidated its solutions into a single platform, reconfiguring resources to focus on how best to monitor organizations in their entirety and help develop opportunities. This consolidation brings together a set of end-to-end solutions to assist companies optimize and integrate their GRC frameworks. PwC’s Performance GRC practice combines four product areas: Risk Management Services, Compliance Services, Business Continuity Management Services and GRC Technology Enablement Services.
Companies typically build GRC functions on an ad hoc basis as they seek to address specific risks and compliance responsibilities as they arise, according to PwC’s latest whitepaper titled, “A well-positioned GRC program protects and enables business performance: Is your investment in GRC performing for you?” This approach reduces the potential for cross-functional alliances and business strategy coordination, while increasing costs.
Key benefits of Performance GRC include:
- Support for strategic priorities
- A more effective early-warning system for emerging risk issues
- Enhanced ability to spot gaps and optimize coverage
- Enhanced visibility into interconnected risks across the enterprise
- Metrics to support management decision making
- Cost control and greater efficiency in overall GRC efforts
- Reduced audit fatigue on the business
- Increased stakeholder confidence
- Support for the board in discharging its oversight responsibilities
“Our fully integrated Performance GRC offering enables value and corrects deficiencies of traditional GRC at every level, elevating an organization’s ability to prioritize risk as well as the business practices that support positive results,” said Brian Schwartz, Performance GRC Practice Leader, PwC. “By linking integrated GRC activities to key business performance drivers and strategic priorities, companies can operate in a more efficient and focused manner, leading to more informed decision making, lower costs and improved ROI.”
About PwC’s Risk Assurance Practice
PwC understands that significant risk is rarely confined to discrete areas within an organization. Rather, most significant risks have a wide-ranging impact across the organization. As a result, PwC's Risk Assurance practice has developed a holistic approach to risk that protects business, facilitates strategic decision making and enhances efficiency. This approach is complemented by the extensive risk and controls technical knowledge and sector-specific experience of its Risk Assurance professionals. The end result is a risk solution tailored to meet the unique needs of clients.
PwC US helps organizations and individuals create the value they’re looking for. We’re a member of the PwC network of firms in 157 countries with more than 184,000 people. We’re committed to delivering quality in assurance, tax and advisory services.