Being a smarter risk taker through digital transformation

2019 Risk in Review Study

Six habits fueling smarter risk taking in digital transformations

Our 2019 Risk in Review Study reveals six behaviors that divide risk functions into those helping their organisations take smarter risks on their digital journeys—a group we call Dynamics—and those a step or more behind: the Actives and the Beginners. The groups tell us that risk management, internal audit and compliance professionals (or, collectively risk functions)—far from stalling digital initiatives—can help their organisations meet or beat their transformation goals. Certain risk functions are there now. For others, it’s time to take action.

What is common among Dynamics, who represent a quarter of the 1,000 risk functions among the 2,000 executives we surveyed? They’re digitally fit. They engage early in digital initiatives. And they’re digitally overhauling their own functions by staffing and equipping them with data-driven capabilities (including skills, tools and techniques) by serving up more real-time insights, and by acting in concert with their functional peers to deliver a common view of risks.

Digital fitness of risk functions

Digital fitness of risk functions

Six habits fueling smarter risk taking through digital transformation

1.

Go all-in on the organisation’s digital plan

2.

Upskill and inject new talent to move at the speed of the organisation

Find the right fit for emerging technologies

Enable the organisation to act on risks in real time

Actively engage decision makers of key digital innovations

Collaborate and align to present a consolidated view of risks

Contact us

Nicola Shield

Partner, Governance Risk and Compliance, PwC United Kingdom

Tel: +44 (0)7931 388648

Paul Atkinson

Partner, PwC United Kingdom

Duncan Scott

Director, Banking and Capital Markets Regulatory, PwC United Kingdom

Tel: +44 (0)7894 393607

David Andersen

Partner, Pharmaceuticals and Healthcare, PwC United Kingdom

Tel: +44 (0) 7850 516 437

Amr Mousa

Director, Energy, Manufacturing and Distribution, PwC United Kingdom

Tel: +44 (0)7795 952 156

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