The risk landscape is dynamic, uncertain and unpredictable, and the levels of risk organisations have to manage today would have scarcely been imaginable even in the recent past. Our Connected Risk Engine is a tool that allows clients to get a clear view of the key risks to their organisations and how prepared they are to manage them, across a whole range of topics — including cyber security, IT risk and compliance.
Organisations usually seek to understand the risks they face by undertaking maturity assessments. These help to assess their current readiness to meet emerging threats. But they can also help organisations identify the changes they need to make to improve their outlook, from promoting diversity and inclusion to increasing the digital capabilities of their workforce.
Historically, these assessments have been carried out on spreadsheets, with a lot of information and data sitting in people’s laptops. Our Risk Assurance team realised this unintuitive format didn’t appeal to clients, who found it difficult to understand the risks they were facing, or to engage with them in a meaningful way.
This got our team thinking.
Starting with cyber security, one of the fastest growing risks organisations are facing today, the team came up with the idea to create a platform that would enable us to hold all our maturity assessment data in one place. It would allow clients to visualise and explore insights, and support a move away from legacy ways of working. Excited by the prospect, our technology and innovation team worked with external specialists to build a tool that would enable us to bring this idea to life.
This cloud-based platform is transforming our existing delivery models. It is helping our client-facing teams across all Risk Assurance propositions to deliver an improved service faster and more effectively.
The tool gives one standard view to track every part of a client’s assessment, no matter how complex or big their organisation. The interactive dashboards and visuals make it easy to filter and pivot on key points of interest and see the full picture. And all client information in the platform forms a bank of historical data, which enables us to understand how a company is progressing over time.
By bringing this rich data out of spreadsheets and into our platform our team has also created the ability to benchmark organisations against their peers. It also helps us to visually communicate the industry standard when it comes to maturity of response to particular risks.
As we continue to develop this tool, we’re keeping our clients front-of-mind by adapting its functions to their evolving needs. We expect it to bring enormous benefits to organisations of all sizes over the coming months and years by helping them transform their approach to navigating risk.
“Our Risk Assurance practice is steeped in the experience of helping our clients to navigate and manage their response to risk. Our Connected Risk Engine allows us to capture and digitise this expertise, enabling us to stimulate broader, yet deeper, conversations with our clients and allowing them to rethink their response across the wide variety of emerging and evolving risks in today’s society.”
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Corporate Affairs, PwC United Kingdom