A couple of days ago PwC, the global consulting and accounting powerhouse, released a whitepaper titled “Risk in review. Rethinking risk management for new market realities”. In this paper they cited the need for a new approach to risk management, based on the changing realities of today’s global markets. What “new approach” did they cite as being the most appropriate? Integrated, Enterprise Risk Management!
With PwC now backing ERM as the most effective form of risk management, that makes it a clean 5 for 5 of the big consulting firms who are now in full support of ERM, not GRC, as the best way for organizations to manage risk, improve performance and outperform.
Deloitte, PwC, Ernst & Young, KPMG, Accenture, and The Harvard Business Review all agree that ERM is a critical business requirement for companies, governments and organizations looking to improve business, lower costs and be more competitive. It has become obvious that previous methods, over-focused on compliance and audit have failed to deliver the value and business performance executives seek in today’s complicated environments. Boards, executive management and strategic business management need better processes, tools, information and insight, to make better decisions. Enterprise Risk Management provides this value.
As business continues to look for better ways to compete, and better ways to enhance value, Enterprise Risk Management continues to provide the best choice, and it’s not just us who think so!